Tim Draper, a well-known venture capitalist and Bitcoin enthusiast, has recommended bitcoin and other cryptocurrencies as part of his cash diversification advice for business founders.
the situation and made customers’ deposits whole under a systemic risk exception approved by the Federal Reserve.One of the key points in Draper’s cash management plan, which was designed with the help of Wharton school individuals, is the diversification of banking risk. Draper states that businesses can no longer rely on just one institution to manage their cash, advising to keep at least six months of short-term cash in two banks — one local and one global bank.
Also, Draper advises keeping at least two payrolls worth of cash in bitcoin or other cryptocurrencies, maintaining excess money in assets saleable for emergencies. He supports taking these measures by stating: For the first time in many years, governments are taking over banks and governments themselves are at risk of becoming insolvent. Bitcoin is a hedge against a ‘domino’ run on the banks and on poor over-controlling governance.
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