Tim Draper, one of the most prominent venture capitalists of all time, recently comparison Bitcoin to Netflix on social media.

Blockbuster was the favorite movie rental chain of the 1990s and has thousands of stores around the world.

However, due to the rapid emergence of the Internet, Blockbuster has struggled to remain relevant.

Famously, the company rejected an offer to buy Netflix for $50 million in the early 2000s when the mail-order DVD service was still unknown. The founders of Netflix were Reed Hastings and Mark Randolph He laughed out of the room by Blockbuster executives at the time.

However, Netflix was able to quickly reduce its market share by launching its own streaming service in 2007. Blockbuster failed to catch this trend, and its old business model proved fatal.

The once ubiquitous movie rental chain ended up filing for bankruptcy in 2010. It then closed its remaining stores a few years later.

Meanwhile, Netflix's market cap currently stands at approximately $380 billion.

Draper is convinced that Bitcoin will also be able to replace traditional banking institutions in a similar way.

The legendary investor, known for his early bets on companies like Skype, recently opined that the price of Bitcoin remains “cheap” despite its massive rise in 2024.

The billionaire venture capitalist predicted that its price could eventually rise to a high level 3 million dollars.

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