Tim Draper urged users to invest in at least two cryptocurrencies

American venture capitalist Tim Draper urged users to prepare for further bank failures if the US government continues to print money and raise interest rates. The expert advised investors to invest in at least two cryptocurrencies: bitcoin and any digital asset that users consider worth investing in.

According to Draper, the need to diversify assets is necessary due to the uncertainty that has developed after the collapse of Silicon Valley Bank. The investor said that bitcoin is a hedge against «banking races» and excessive government intervention. Draper believes that businesses can no longer rely on a single bank or government agencies to manage their money.

According to the venture capitalist, different bank accounts and investments in digital assets are critical, as for the first time in a long time, governments have taken control of banks and risk becoming insolvent themselves. Draper emphasized that large businesses also need to have at least two accounts in different banks. The term of the deposit should be short — no more than six months, and the banks should have different jurisdictions — one should be local and the other international.

As for the market flagship, Draper is convinced that in less than 2 years, BTC $56,057.71 Bitcoin -1.43% Market capitalization $1.11 trillion VOL. 24 hours $2.65 billion will grow by more than 900%. In a conversation with Observer journalists, Draper emphasized that BTC is currently at the beginning of a parabolic growth that will lead to the $ 250,000 mark.