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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Dogecoin Dazzle: Netflix Director’s $4 Million Bet Turns Into $27 Million

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Dogecoin Netflix Rinsch

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In an audacious financial play, Carl Erik Rinsch, the director of Netflix’s sci-fi series “Conquest,” reportedly magnified a $4 million investment in Dogecoin to a whopping $27 million. This unexpected windfall is part of a larger, dramatic narrative involving Rinsch’s handling of the series’ budget.

Dogecoin Windfall And Extravagant Expenditure

Rinsch’s journey into the crypto realm began after he faced significant losses in the stock market. Financial records show that after receiving an additional $11 million from Netflix to support “Conquest,” Rinsch allocated $10.5 million to stock market ventures, primarily in pharmaceutical companies and the S&P 500. These risky options trades resulted in a loss of nearly $6 million in just a few weeks, leaving him with a little over $4 million.

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In a bold pivot, Rinsch transferred the remaining funds to the cryptocurrency exchange Kraken, where he invested heavily in Dogecoin, a then-emerging digital currency inspired by an internet meme. His investment coincided with an extraordinary surge in Dogecoin’s value, culminating in him cashing out around $27 million in May 2021, as evidenced by an account statement seen by the Times.

Following this success, Rinsch reportedly expressed his gratitude in an online chat with a Kraken representative, saying, “Thank you and god bless crypto.” However, Rinsch’s windfall quickly translated into extravagant spending.

He embarked on a lavish spree, purchasing five Rolls-Royces, a Ferrari, a high-priced Vacheron Constantin watch valued at $387,630, and an assortment of luxury furniture and designer clothing. The total expenditure amounted to $8.7 million, as determined by a forensic accountant hired by Ms. Rosés, Rinsch’s then-wife.

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The spending raised suspicions during Rinsch’s acrimonious divorce from Ms. Rosés. Her legal team speculated that these purchases might be an attempt to conceal his cryptocurrency profits. In response, Rinsch claimed in a deposition that these items were props for “Conquest,” funded by Netflix’s production money.

“Conquest” Is Written Off

Remarkably, Rinsch’s financial upswing stands in sharp contrast to the fate of “Conquest.” Netflix, having invested over $55 million in the series, has yet to receive a single completed episode.

Rinsch’s unconventional financial maneuvers and erratic behavior during the production have led to a standoff with Netflix. The streaming giant is now embroiled in a confidential arbitration process with Rinsch, who claims a breach of contract and seeks at least $14 million in damages. Netflix, contesting these claims, views Rinsch’s demands as unfounded.

Thomas Cherian, a spokesman for Netflix, highlighted the company’s extensive support for Rinsch’s series, noting the eventual decision to write off the project due to the realization that Rinsch was not on track to complete it.

At press time, DOGE traded at $0.0755.

Dogecoin DOGE price
DOGE price, 1-day hart | Source: DOGEUSD on TradingView.com
Featured image from iStock, chart from TradingtView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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