Netflix Exec Suggests Streaming Video Giant Open to Bitcoin
Netflix CFO, David Wells, was asked about bitcoin as a possible solution for countries with restrictions on card purchases (Netflix currently accepts two methods of payment – credit cards or PayPal), to which he replied:
We’ll see where we go from here in the next 10, 15 years from a payments perspective, because countries still want to hold on to their monetary policy. But [it] sure would be nice to have bitcoin, in terms of a global currency, that you could use globally.
How does it affect the (bitcoin) industry?
Whilst I think that it’s great that Netflix have publicly acknowledged bitcoin and are seemingly open to the concept, I don’t think we will be inviting people round to Netflix and chill with bitcoin anytime soon…
In theory, it could be good idea for a global brand like Netflix to accept a global payment option like bitcoin. I’ve read that Netflix has experienced difficulties in it’s global roll-out with a number of countries including India, the Philippines, Indonesia, Malaysia, Vietnam, Thailand, Singapore, Taiwan and Hong Kong, because the Governments impose restrictions that restrain the adoption of credit cards for international transactions. Whilst it certainly has the potential to solve some of the issues, I think people forget that bitcoin is not the answer to all the world’s payment problems.
Of course, it would be great news for the bitcoin industry if Netflix – a reputable, household name – was to join the likes of Microsoft, Dell and Expedia and accept bitcoin… but I won’t be holding my breath (certainly not for 10-15 years!) Despite all the speculation around his comments, David Wells made no indication that Netflix is actually looking to integrate bitcoin. One thing I’ve learnt from working in the bitcoin industry is to take everything you hear with a pinch of salt.
How does it affect CoinCorner?
Ultimately, anything that helps increase the awareness of bitcoin is good for CoinCorner.
For a well-known company like Netflix to acknowledge bitcoin is great because it reaches new people and sparks new interest, which in turn, creates new customers for businesses operating in the space, like ourselves. Even if Netflix actually have no plans to accept bitcoin, we can at least thank them for (indirectly) spreading the word.
Needless to say, if/when Netflix do decide to accept bitcoin, I’ll have my bitcoin wallet ready.
Disclaimer: The views and opinions expressed here represent those of the contributor, not necessarily those of CoinCorner.
Do you think we’ll be paying our Netflix subscription with bitcoin anytime soon? Let us know your thoughts in the comments below…