Billionaire Tim Draper: Businesses Should Hold Bitcoin After SVB Bankruptcy

Golden Finance reported that billionaire venture capitalist Tim Draper believes that companies should hold Bitcoin and at least two other cryptocurrencies. Draper did not specify the percentage allocated to bitcoin and altcoins. However, he called BTC a hedge against deteriorating economic conditions. Draper said the failures of banks such as Silicon Valley and Silvergate showed the need for contingency planning to ensure businesses always had cash on hand to keep themselves and their employees afloat. He added that the government has been over-regulating and micro-managing the banking sector to the detriment of its long-term health. Businesses need to diversify and decentralize to remain sustainable in the current economic conditions. If the government continues to print excessive money and slash interest rates to counter the resulting inflation, such banks will be more likely to fail.