The fall of Silicon Valley Bank prompted Venture Capitalist Tim Draper to tell the firms he’d invested in to buy Bitcoin.
Companies should start using Bitcoin as a way of hedging risk, according to venture capitalist Tim Draper.
When Silicon Valley Bank (SVB) collapsed in March 2023, many cryptocurrency and tech firms suddenly found themselves unable to access funds.
Silicon Valley Bank specialized in servicing venture capital-backed tech startups, including crypto firms. Stablecoin issuer Circle was among its many clients. SVB held $3.3 billion of Circle’s USD Coin (USDC) reserves when it became illiquid, prompting the stablecoin to temporarily depeg to $0.88.
