- Tim Draper tells firms to diversify their cash management plans in Bitcoin.
- “Governments are taking over banks, and governments are at risk of becoming insolvent,” the VC wrote.
- Bitcoin has hit a nine-month high as the US banking sector battles a liquidity crunch.
Tim Draper, a billionaire venture capitalist, has advised companies to diversify their cash management plans and keep some of their money in Bitcoin (BTC) and other cryptocurrencies. According to a snapshot shared on Twitter, Draper asked businesses to hold at least two payrolls worth of cash in Bitcoin.
The announcement comes amidst the rising economic unpredictability in the US following the collapse of three prominent banks. “Business can no longer rely on one bank or governing body to manage their cash,” Draper wrote.
While Bitcoin hits one of its highest points in nine months as the US banking sector battles a liquidity crunch, the CEO teased: “I didn’t see the ‘Bitcoin is not a store of value’ narrative in the past week.”
The post Hold Two Payrolls Cash in Bitcoin as Hedge: VC Tells Businesses appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
