The share price of the streaming service Netflix fell by 25% after the publication of figures about a serious outflow of users. The cryptocurrency community noticed that the stock market has made the main cryptocurrency more stable compared to Netflix (NFLX) shares.
According to the company, the service lost 200,000 customers in the first quarter of 2022, in the second quarter is projected outflow of two million more subscribers. Bloomberg notes that this negative trend is the first time since 2011.
Cryptanalyst and host of YouTube channel Into the Cryptoverse Benjamin Cowan wrote on Twitter that the collapse of NFLX reminds him that “stocks have become more like cryptocurrency, not the other way around.”
In general, 2022 was a bad year for NFLX’s stock price, as it lost 57% of its value when it peaked at $597.37. By comparison, according to CoinGecko, BTC is down 11% from $46,319 to the current $41,500 over the same period.
Shares of other tech companies have also suffered cryptocurrency-like losses this year. On Feb. 2, PayPal (PYPL) fell 20% from $172.77 to $139.89 and Meta Platforms (META) fell 25% from $327.82 to $244.65.
Meanwhile, an analysis conducted by research firm Into The Block and published on April 16 showed that BTC and ether (ETH) “were less volatile than many stocks, especially those related to cryptocurrency.”
To compare the volatility of different investments, the analysis used the Sharpe Ratio, which states that the lower the score, the less volatile the asset is considered. Bitcoin received a score of -0.02, while Square had -0.05, MicroStrategy had -0.02 and Coinbase had -0.02.
Coin Stories podcast host Natalie Brunell tweeted that Netflix could solve current problems by adding BTC to its balance sheet.