Tim Draper, a venture capitalist and billionaire, has issued advice for asset diversification that includes the use of cryptocurrencies.
In a statement meant for entrepreneurs, he admonished that companies “cannot depend solely” on one bank or regulator anymore.
Draper has argued that Bitcoin serves as a defense for the potential financial domino effect and the mismanagement of excessive control. After the closure of Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank, Draper has also revealed that “many startups” sought his help for financial assistance.
He has proposed that businesses should keep their short-term deposits for no more than six months in two different accounts, like a local and international bank, and that companies should also transfer an amount equivalent to two salary funds into digital assets such as Bitcoin.
