Tim Draper advises investing in bitcoin and at least one other crypto coin

Van Eck Associates CEO Jan van Eck believes that the uncertainty in the banking system is temporary. He also noted that this year could be the beginning of a bullish cycle for the main crypto coin and gold for the next few years.

However, in general, the year, the expert believes, “will go sideways.” According to the entrepreneur, liquidity difficulties will not last long.

“I believe that history is usually more complicated than it seems at first glance. In 2023, the “water level in the bathroom” will be even. By December, the trend will continue. It will be a year of lateral movement,” Van Eck said.

The growth in the rate of digital assets at the beginning of this year took place against the backdrop of the monetary policy pursued by the US government. And this is not a bull market signal.

According to the businessman, amid volatility and problems in the financial market, it is best to turn to bitcoin. The well-known venture capital investor Tim Draper adheres to the same point of view.

He believes that entrepreneurs should prepare for shocks in the banking sector. The industry’s problems will continue if the authorities keep printing money and raising interest rates.

Draper believes that businessmen should invest in bitcoin and at least one other crypto coin. He believes that due to the uncertainty after the collapse of Silicon Valley Bank, you need to diversify your assets.

Draper said bitcoin is a hedge against banking dominoes and excessive government interference. The investor is confident that entrepreneurs can no longer rely on any single bank or government agency to manage their assets.

The venture capitalist believes that different bank accounts and investments in crypto assets are needed, as the authorities have established control over banking institutions and may themselves become insolvent.