Netflix, Spotify can Accept Shiba Inu: Is it a wise move?

Paigambar Mohan Raj
Source: BitPay

Popular subscription sites, such as Netflix and Spotify, now have the option of accepting cryptos such as Shiba Inu (SHIB) as payments using NOWPayments’ recurring invoicing tool. Using the tool, businesses, services, and individuals may send recurring bills in SHIB to an illimitable number of users worldwide.

Companies may decide how frequently they want to send repeating emails to customers asking for payment for their goods or services. The same features may be added to a batch of invoices or tweaked for each invoice. Invoices may be canceled at any moment.

Shiba Inu (SHIB) is one of the most popular crypto tokens. Moreover, many businesses have started to accept SHIB to attract new clients. After SHIB blew up in 2021, many companies did not want to miss out on the opportunity. The canine-themed crypto has seen several adoption cases over the past couple of years.

However, accepting crypto as payment does come with its share of problems.

Issues with accepting cryptos such as Shiba Inu

Firstly, the crypto industry is very volatile. Although there are several legitimate reasons to use crypto, the sector’s volatility has often faced backlash. It is also why several businesses refrain from using it as a payment method.

Another concern is the amount of SHIB in whale wallets. Whales own more than 70% of SHIB’s circulating supply, retail holds slightly more than 20%, and investors have less than 10%. Given that it’s conceivable for the whales to sell and cause a price fall for the crypto asset. The likelihood of this sell-off also reduces the credibility of the technical analysis readings.

In the likelihood of Shiba Inu’s price plummeting, businesses that do accept SHIB will face the brunt of the situation. The tokens in their holdings will amount to nothing, and the firms would be at a loss. Cash, on the other hand, is a lot more stable. The chances of the dollar collapsing are less than that of SHIB by a large margin. This is primarily the reason why many businesses shy away from using crypto.

Nonetheless, crypto adoption has continued to grow and will likely continue to do so moving forward. However, the likelihood of tech giants with large monthly subscribers accepting crypto is slim, at least for the time being.

At press time, Shiba Inu (SHIB) was trading at $0.00000801, down by 3.7% in the last 24 hours.