American venture capital investor and entrepreneur Tim Draper suggested founders keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies, along with other diversification recommendations, in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB).
In a March 25 report directed at business founders, Tim Draper stated that Bitcoin is a hedge against a “domino run” on the banks and overbearing government intervention, adding that businesses “can no longer rely” on a single bank or governing body to manage their cash.
Some tips for business cash management post SVB. https://t.co/dVEw0EJJyZ #bitcoin #trust #freedom
— Tim Draper (@TimDraper) March 24, 2023
Draper suggested that business founders keep at least “6 months of short-term cash” in two separate bank accounts — one with a local bank and another with an international bank.
He noted that businesses should also have at least two payrolls “worth of cash” in Bitcoin and other cryptocurrencies.
These preventative steps were necessary, according to Draper, because for the “first time in many years,” governments are seizing control of banks, and governments themselves are “at risk of becoming insolvent.”
He further revealed that “many startups” sought emerg
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Author: Ciaran Lyons
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