Bitcoin Millionaire Tim Draper Advises Startups to Keep Bitcoin as a Hedge Against a 'Domino' Run on the Banks

Tim Draper, a well-known venture capitalist and crypto enthusiast, has recommended bitcoin as part of his cash diversification advice for business founders. Draper, known for winning an auction of 30,000 bitcoins from the U.S. Marshals back in 2014, and for his bitcoin price predictions, posted a document on Twitter that comments on several considerations businesses should make in the face of bank failures.

The document, which presents seven different ways to avoid a cash crunch, states:

Since boards and management are responsible for making payroll, even in times of crisis, it is important to build out contingency plans for bank failures that could happen more and more often if government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.