An American venture capitalist urged businessmen to prepare for the collapse of new banks if the government continues to print money and raise interest rates.

Tim Draper suggested that entrepreneurs have investments in at least bitcoin and at least one other altcoin. The investor attributes the need for asset diversification to the uncertainty triggered by the collapse of Silicon Valley Bank (SVB).

Addressed to Entrepreneurs
report Draper argues that bitcoin is a hedge against banking dominoes and excessive government intervention. The expert believes that businesses can no longer rely on any single bank or government entities to manage their money.

Draper believes that businesses need to have at least two accounts with different banks. At the same time, the deposit period should be short – no more than six months, and banks should have different jurisdictions – one should be local, and the second international.

According to the venture capitalist, different bank accounts and investments in different crypto assets are necessary, as for the first time in a long time, governments have taken control of banks and are themselves at risk of becoming insolvent.

Tim Draper claims that many startups turned to him for help after the collapse of SVB and other banks.