Tim Draper Touts Bitcoin as Hedge Against Bank Failures
Tim Draper has been dropping knowledge bombs on Twitter to save your cash-strapped business from going down the drain. Draper, the man who snatched 30,000 bitcoins from the jaws of Uncle Sam in 2014, ain’t your regular Joe Schmoe spewing out price predictions. He’s got your back in this age of bank failures, and he’s armed with a damn good plan.
The Draper contingency plan to dodge the cash crunch apocalypse – goes like this:
In a world where banks are dropping like flies thanks to central bank shenanigans, Draper’s laying it down thick: don’t put all your eggs in one basket, and spread the love (read: cash) across multiple banks. And for heaven’s sake, don’t let your business become a sob story when the next Silicon Valley Bank goes belly up, leaving you scrambling to make payroll.
Reports of tech startups left high and dry by the collapse of SVB are cautionary tales that even the all-encompassing FDIC had to step in and save with a last-minute Hail Mary. But do you want to put your faith in the same government that’s printing money like it’s going out of style and yanking interest rates around like a yo-yo? Draper doesn’t think so.
He’s preaching bank diversification with a dose of Bitcoin wisdom. Keep six months of short-term cash stashed away in not one, but two banks – one local, one global. And for the cherry on top, park two payrolls’ worth of cash in Bitcoin (BTC). You know, just in case the proverbial poop hits the fan.
Draper’s not just talking out of his rear end, he’s got Wharton school brains backing him up. He’s warning businesses that as governments swallow up banks and circle the drain of insolvency, bitcoin is your salvation from a domino run on the banks and Big Brother’s heavy hand.
But here’s the kicker, folks. If Draper’s $250k prophecy comes true, those businesses that heed his advice and embrace Bitcoin as part of their cash management strategy will not only dodge financial catastrophe but could also be sitting on a veritable gold mine as the value of their Bitcoin holdings skyrockets. Certainly Michael Saylor is heeding his advice.
Tim Draper’s got the recipe to keep your business afloat in these turbulent times. Diversify your cash, embrace Bitcoin, and maybe – just maybe – you’ll live to fight another day.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.