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Tim Draper, a venture capitalist and bitcoin millionaire, has included bitcoin as part of a series of cash management recommendations offered to startup founders. Draper recommended having at least two payrolls worth of cash in bitcoin or other cryptocurrencies to avoid being affected by bank failures like the collapse of Silicon Valley Bank (SVB).
Tim Draper Touts Bitcoin as Hedge Against Bank Failures
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.

Draper comments that the collapse of Silicon Valley Bank (SVB) showed the importance of having a sound contingency strategy in uncertain times.
Per different reports, many tech startups that were dependent on Silicon Valley Bank faced a period of uncertainty when the bank collapsed, not having the necessary liquidity to complete payroll payments. However, the U.S. Federal Deposit Insurance Corporation (FDIC) averted the situation and made customers’ deposits whole under a systemic risk exception approved by the Federal Reserve.

Bank Diversification Recommendations
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.

What do you think about Tim Draper’s advice on keeping bitcoin as a hedge against bank failures? Tell us in the comment section below.


Tim Draper, a venture capitalist and bitcoin millionaire, has included bitcoin as part of a series of cash management recommendations offered to startup founders. Draper recommended having at least two payrolls worth of cash in bitcoin or other cryptocurrencies to avoid being affected by bank fai...

news.bitcoin.com

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

Analysts are speculating that the Bitcoin hash rate has seen a big spike recently as miners come back online to reap the rewards of the BTC price hike.  

cointelegraph.com

Bitcoin hash rate spikes to 398 exahash, analysts say miners coming back online  

A crypto strategist who nailed Bitcoin’s (BTC) 2018 floor price believes that the king crypto is gearing up for a bounce after yesterday’s drop to around $26,500.
Prior to the BTC price dip, pseudonymous analyst Smart Contracter told his 222,000 Twitter followers that Bitcoin was flashing signs of bullish exhaustion on the one-hour chart and could retrace toward his target at around $26,000.

“Momentum on BTC starting to wane. I think we may get an early week retest of $26,000.”
Source: Smart Contracter/Twitter
Following yesterday’s corrective move, Smart Contracter says that the BTC pullback is likely now complete. He also says that it is unlikely that the king crypto will revisit high timeframe support at around $25,800.
“Ok we swept the lows on BTC. Minimum target for retracement has been met. I dont think we will get that picture perfect high timeframe retest.” 
Source: Smart Contracter/Twitter
Smart Contracter is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset typically resumes its uptrend following an ABC corrective move.
Looking at Smart Contracter’s chart, it appears that Bitcoin has already completed its ABC wave in the one-hour timeframe after printing yesterday’s low.
At time of writing, Bitcoin is trading for $26,926.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Analyst Known for Calling Crypto Bottoms Predicts Bitcoin Bounce, Says a Picture Perfect Correction Unlikely appeared first on The Daily Hodl.


A crypto strategist who nailed Bitcoin&#8217;s (BTC) 2018 floor price believes that the king crypto is gearing up for a bounce after yesterday&#8217;s drop to around $26,500. Prior to the BTC price dip, pseudonymous analyst Smart Contracter told his 222,000 Twitter followers that Bitcoin was flas...

dailyhodl.com

Analyst Known for Calling Crypto Bottoms Predicts Bitcoin Bounce, Says a Picture Perfect Correction Unlikely

Within the 74-page complaint, the CFTC has labeled Ether, Binance USD, Tether and Litecoin as commodities along with Bitcoin, and made a few other startling claims. 

7 details in the CFTC lawsuit against Binance you may have missed

The CEO of investment management firm Vaneck has predicted a bull cycle for gold and bitcoin. “We are at the very beginnings of what could be a several-year cycle in gold, and I also put bitcoin in that category as well,” the executive said, adding that the Federal Reserve is “close to the end of their tightening.”
Bull Cycle for Gold and Bitcoin
Jan van Eck, CEO of investment management firm Vaneck, shared his prediction regarding gold and bitcoin in an interview with CNBC last week. His firm has $69 billion in assets under management.
When asked whether gold, at its present levels, should be viewed as an investment or a temporary trade that may yield additional profits, he replied:
We are at the very beginnings of what could be a several-year cycle in gold, and I also put bitcoin in that category as well.
“Finally, as a gold investor, you’ve been rewarded over the last couple of weeks. Weakness in the banking system and gold rallied. That’s why you own gold,” the executive continued.
The Vaneck CEO further explained that “it could be a two-year cycle” because he believes that “the Fed is close to the end of their tightening.” The executive added: “The market is worried now about the consequences and it could take a year or more for those consequences to roll through the commercial real estate market, the banking and lending dynamics, [and] maybe we have a shallow recession.” He elaborated:
At some point, the Fed is going to start easing, and that’s when gold is really going to party.

Discussing gold and bitcoin, the Vaneck executive opined:
I think all the speculation is out of both of those markets.
Van Eck pointed out that bitcoin has surged nearly 70% this year, outperforming all other assets, and has rewarded “the people that own bitcoin for that thesis of wanting a hedge in their portfolio.”
Last month, Pantera Capital said that we’re already in the next bull market cycle for bitcoin. Last week, the Federal Reserve raised interest rates by 25 basis points. Some people expect the Fed to cut rates soon, including billionaire Jeffrey Gundlach. However, Fed Chair Jerome Powell stated that rate cuts are not in the Fed’s base case. Economist Peter Schiff said the Fed has already returned to quantitative easing whether they admit it or not.
Do you agree with Jan van Eck? Let us know in the comments section below.


The CEO of investment management firm Vaneck has predicted a bull cycle for gold and bitcoin. &#8220;We are at the very beginnings of what could be a several-year cycle in gold, and I also put bitcoin in that category as well,&#8221; the executive said, adding that the Federal Reserve is &#8220;c...

Bitcoin price	$27,194.00
Low - High 24H	$26,720.00 - $28,090.00
Market cap	$525.99B
Volume 24H	$18.19B
All time high	$69,045.00 -60.59% November 10th 2021
All time low	$67.81 40028.97% July 6th 2013
Genesis date	N/A

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