A prominent investor is criticizing major technology companies for excluding Bitcoin (BTC) from their balance sheets amid rising economic risks.
In a new interview on the Bitcoin Magazine podcast, Tim Draper says it is “irresponsible” for major tech companies like Apple and Meta not to own at least enough Bitcoin to pay for about a month of operating expenses.
“The ones who are not holding Bitcoin, the Apple, the Facebook, they should all…”
The venture capitalist argues that Bitcoin is a store of value and that current government spending trends will inevitably lead to hyperinflation or a financial crisis.
“If I’m the head of the treasury and I’m looking at the ridiculous amount of government spending that’s been going on for the last 10 years, and the possibility of hyperinflation or crazy high interest rates, I would hold at least four weeks worth of Bitcoin on my balance sheet…
If you’re a board member of a public company and you don’t own Bitcoin, and a bank goes under that holds all your cash, you are personally liable for two to four weeks of employee compensation. Imagine being Apple. You’ve got all your money tied up in dollars, and it’s a huge amount, crazy amounts of dollars, and you aren’t holding any Bitcoin. That’s irresponsible in a time like now, where you don’t see an end to government spending, and what that does is it inflates the dollar or it means that the interest rates are going to go up. It’s one of those two things, and both of them put your dollars at risk.”
The remarks come as discussions grow around corporate adoption of Bitcoin as a hedge against fiscal policies and potential economic turmoil.
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