{"id":11128,"date":"2023-03-26T12:54:23","date_gmt":"2023-03-26T12:54:23","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11128"},"modified":"2023-03-26T12:54:24","modified_gmt":"2023-03-26T12:54:24","slug":"tim-draper-recommends-founders-hold-at-least-two-payrolls-worth-of-cash-in-crypto","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11128","title":{"rendered":"Tim Draper recommends founders hold \u2019at least\u2019 two payrolls \u2018worth of cash\u2019 in crypto"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>American venture capital investor and entrepreneur Tim Draper suggested founders keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies, along with other diversification recommendations, in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB).<\/p>\n<p>In a March 25\u00a0report directed at business founders, Tim Draper stated that\u00a0Bitcoin is a hedge against a \u201cdomino run\u201d on the banks and overbearing government intervention, adding that businesses \u201ccan no longer rely\u201d on a single bank or governing body to manage their cash.<\/p>\n<p lang=\"en\" dir=\"ltr\">Some tips for business cash management post SVB. https:\/\/t.co\/dVEw0EJJyZ #bitcoin #trust #freedom<\/p>\n<p>\u2014 Tim Draper (@TimDraper) March 24, 2023<\/p>\n<p>Draper suggested that business founders keep at least \u201c6 months of short-term cash\u201d in two separate bank accounts \u2014 one with a local bank and another with an international bank.<\/p>\n<p>He noted that businesses should also have at least two payrolls \u201cworth of cash\u201d in Bitcoin and other cryptocurrencies.<\/p>\n<p>These preventative steps were necessary, according to Draper, because for the \u201cfirst time in many years,\u201d governments are seizing control of banks, and governments themselves are \u201cat risk of becoming insolvent.\u201d<\/p>\n<p>He further revealed that \u201cmany startups\u201d sought emergency relief from him after SVB and other banks shut down.<\/p>\n<p>Additionally, Draper emphasized the importance of contingency plans, as boards and management are responsible for meeting payroll deadlines \u201ceven in times of crisis.\u201c He added:<\/p>\n<p>\u201cIt is important to build out contingency plans for bank failures that could happen more and more often if the government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.\u201d<\/p>\n<p>Draper reminded founders to be vigilant against the risk of fraud, noting that fraudsters are skilled at identifying weaknesses in a system and exploiting them.<\/p>\n<p>Furthermore, to prevent phishing theft, he advised founders to verify with all parties involved whenever there is a change in wire instructions or a new approval system.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Silicon Valley Bank\u2019s downfall has many causes, but crypto isn\u2019t one<\/em><\/strong><\/p>\n<p>This comes after recent news that Draper performed a\u00a0self-composed Bitcoin song\u00a0after his keynote speech at Paris Blockchain Week 2023 on March 22.<\/p>\n<p>He said the song was dedicated to SVB and \u201call the banks that have failed and will fail.\u201d<\/p>\n<p>The song received a round of applause from the audience, with Draper concluding his time on stage by saying blockchain, Bitcoin and smart contracts make up one of the \u201cgreatest transitions in the history of the world.\u201d<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/businesses-should-hold-two-payrolls-worth-of-cash-in-crypto-tim-draper\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>American venture capital investor and entrepreneur Tim Draper suggested founders keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies, along with other diversification recommendations, in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB). In a March 25\u00a0report directed at business founders, Tim Draper stated that\u00a0Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11128"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11128\/revisions"}],"predecessor-version":[{"id":11130,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11128\/revisions\/11130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11129"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}