Bitcoin Forum

There was a Great Economic Depression in the world and it started from 1929 and ended in 1939 which stayed about 10 years and that was the longest one ever. In that great economic depression the world ecoonomy was dis-stabilized in all areas of life and livelyhood. Banks were closed down for the long period of years, farms were destroyed, industries closed down. Live was unbearable. People died and human suffer to the core. And everythings  in life were affected no school and life became survival of the fittest.
Now this technology age and must transactions are done online without going to the bank. Sometimes we buy things without going to the supermarket or to the market square you just order from online and you received your goods at your door post without stress.
The present day ecoonomy is much more better comparing to that of 20s down. Things are make easy to use. Physical bank stress is also fading gradually to the hand of technology calls digital currency.
And bitcoin is the Father and the King of this digitalization.
So if ECONOMIC DEPRESSION happened again in the world, will it affect bitcoin with it fellow digital currencies? Because economy is the back bone of everything in the world. What affect economy affect all other things. And bitcoin is the father of digital currency.
What is your say.

You're hungry and there's no one sell any foods, someone offer you either a lunch meal or a Bitcoin, which one you choose? that's what happen.

When the world suffer of economic depression, Bitcoin will become worthless because people will try to save any daily needs as much as they can. Being rich aren't their dream anymore, they dream are only to survive.

However I'm not really sure what's the affect you refer, if you mean economic depression will make Bitcoin become centralized, it's completely wrong.

In my own opinion, Bitcoin will be affected just in case we will have a world economic depression. But if the time will come and there are still few people that know what Bitcoin is, there will be still no good effect at all if we have few participants, they will find some assets that they believe are more stable, like gold.
On the other hand, I will still go for Bitcoin because I believe that Bitcoin is a good hedge against inflation and day-to-day use for payments besides investment.

I doubted such will ever occur again and i believe such will never affect bitcoin network no matter how because bitcoin is not a dependent of the world economy system, it has created it's own network from within without depending on the centralized economy being controlled by the government which can be affected by inflation, recession and other natural pandemic occurrences while bitcoin has it own separate network different and independently from these, that's why you could only determines the market values through the bitcoin demands and supplies and not the other economical parameters and factors used in fiat system.

Using Bitcoin as day to day payment besides investment is getting harder, I would rather just keep my Bitcoin and use other coins for means of payment you know @GreatArkansas but I will love to accept Bitcoin as means of payment more than spending the Bitcoin.

In my past struggles, I have limited my daily food just to have enough for investment, but that took an effect on me, because I got slimmer, but I was able to get what I needed, that struggle was the sacrifice, it's why I believe nothing comes easily and nothing is for free.

I don't want to think about a world where food and surviving is the only last hope left for humankind, it will be bloodier, and even bigger tech won't be able to safe anyone, I appreciate the existence of Bitcoin because that's why I am present today talking in a good mood and healthy lifestyle.

By the way, Bitcoin won't still go centralized because of the world economic depression.

Of course it will. People will sell their Bitcoin if they'll not have what to eat, and most likely will stop buying it. Whales will be fine and will buy all cheap Bitcoin, but I don't think it will fully save Bitcoin.

The whole of the above comment is shit.  It is out of points. What you are saying there does not concern the topic or related to the content. Do well to restructure your comment.

Point of correction my friend, I guess what you meant is from 1929 to 1939 which is a ten-years difference, and not 2939, because we are just in 2023, and 2939 is approximately 916 years from today, which is a whole 9 centuries from today. So you better go re-edit that statement.

However, base on my research about the topic of discussion, I was made to understand that there were 4 major factors which led to the Great Economic depression of 1929 - 1939, namely,

1) The stock market crash of 1929 shattered confidence in the American economy, resulting in sharp reductions in spending and investment.
2) Banking panics in the early 1930s caused many banks to fail, decreasing the pool of money available for loans.
3) The gold standard required foreign central banks to raise interest rates to counteract trade imbalances with the United States, depressing spending and investment in those countries.
4) The Smoot-Hawley Tariff Act (1930) imposed steep tariffs on many industrial and agricultural goods, inviting retaliatory measures that ultimately reduced output and caused global trade to contract.

And if you are to look vividly well you will noticed that Bitcoin has absolutely nothing & no connection to do with Stock market, Banking, gold and Tariff act which were the major cause of that economic depression of 1929, which means if such ever happens again, it will literally still have no effect on Bitcoin.

Link: https://www.britannica.com/event/Great-Depression

A great depression in one region, doesnt mean all region will have depression. Just like there is dark age in EU means theres also dark age in Asia. Its just their dark age, not everyone else's.

Now that BTC is used world wide, the dumping of its price may not actually be as fatal as before. And its still not going to die as long as theres Internet.

Due to the level of economic hardship people will focus on their basic needs instead of thinking about their investment. This is where I think it will affect Bitcoin if the economic depression hits the world.
At a glance, people who have invested can be helped when economic difficulties occur. Of course, the investment I mean is an investment like Bitcoin because I feel very confident that investing in Bitcoin can be a positive solution as a pretty good hedge.

Maybe we can call 1929 an incident that was quite severe based on the history that we read from various sources so that many experts always refer to the events of that year at every opportunity they talk about the problem of high inflation to economic depression.

World economic depression can be a serious effect to Bitcoin, it is a state whereby nothing will be working.  When the economy is in serious crisis it affects every system, which will make things to be difficult for people live a better life.  During world economic depression, companies and institutions shutdowns or drop some of their workers, every products becomes very expensive and the only thing one would have in mind is how to survive, how to be able to provide what to eat daily. Plans of investing in Bitcoin will be far from the mind because their won't be enough money to that.

World economic depression is a disaster to humankind, when people can afford to solve their daily demand it will surely be a good advantage to the Bitcoin market. Let's use areas where the rate of poverty is high and the economy is struggling as example it is impossible for in area like this to have good adoption of bitcoin, this is the same thing as if the world should go into economic depression.  No doubt it will surely affect the price of bitcoin.

Firstly, a world economic depression wouldn't affect the whole world, the one you have mentioned is US and not global, as it can't be. In todays era, if someone is in economic depression, someone else will benefit from it. It's a good question what would happen to Bitcoin, as people in crisis would sell it amongst other things just to survive. Bitcoin could have a market crash or maybe wealthy people would buy out everything and it would continue to be some kind of exclusive asset. Anything could happen really, from staying on the market to crashing to flames. Anyways, I don't think that we will see that kind of economic catastrophe.

World economic depression would as everyone has stated affect Bitcoin, nothing would
escape a depression but it wouldnt spell the end of Bitcoin ^{despite what fudsters would say}

As finances would become affected there would be a high chance of people having to
liquidate Bitcoin and other assets in order to mitigate the affects of a recession, as an
example of an instance that would affect Bitcoin.

I would like to think that Bitcoin would recover quickly and possibly quicker than anything else...

I think so but let's just use the pandemic and war of Ukraine and Russia with the depression and it did really hapened. We can see that Bitcoin plummeted from these scenarios and yet Bitcoin still remains strong as of now. It is expected that there will be some downs because of global crises that has came. However, we don't expect that it's like this that it's been stronger than ever. Summing it up, there's the affection that Bitcoin gets from world factors and that's cannot be gone but even with that, it is temporarily happening and then it recovers up again.

You portray a point that marvelled me, bitcoin is an asset and since 2009 it has been created bitcoin has been functioning effectively, and since people has known the important and the value in a society people has been investing in Bitcoin, so therefore many people will like to invest in bitcoins than in any other kind of investment and especially people that have tested bitcoin investment and notice the profit values of bitcoin.

A global economic crisis will reveal whether Bitcoin market participants view Bitcoin as a reliable store of value like many say they do, or if they merely view it as a speculative investment. If it's the latter, then Bitcoin will crash, because an economic crisis is not a good time to put your money into risky investments, it's a time to put your money into safe havens.

I think it's impossible to say whether Bitcoin is a safe haven or not without putting it to the test.

This topic is kinda vast and complex to explain to you though but the internet are free of information if you want to know everything. On the other hand, if you want to know if Bitcoin could be affected by the great depression then IMO it depends if there's a crisis all over the world but if it's just a selected areas of the country then Bitcoin will still be fine. Although during bearish times it's not actually reliable if you just want to hodl your asset but if you use it as a means of payment/currency it does help since it was not bound to anyone that would affect their prices. The only worst part I see is if during the bear trend and great depression occur at the same time in your own country. I don't know if Venezuela is the best example to your question but IMO in kinda does.

First, I don't think Bitcoin is the "Father and King of this digitalization." I believe it's the internet. Bitcoin, after all, is built on infrastructures that were already there before it was conceived. One of which is the internet.

Economic depressions will certainly affect Bitcoin in one way or another. It may not affect Bitcoin as in the protocol, but it will certainly affect its price. And the price of Bitcoin matters. After all, it's a currency. The purchasing power of Bitcoin may fall. What you can buy today with 1 mBTC you might buy with 0.5 BTC under a severe economic depression.

It will affect Bitcoin when official announcement of World Economic Depression is announced by IMF and spread on social media. Such announcement, report will cause massive fear and panic as well as uncertain, chaotic responses on the market which won't be good for market and Bitcoin price.

Bitcoin is stronger than fiat currencies in its supply scheme, less inflationary and in future it will become deflationary. What affects fiat currencies, the world economy will affect Bitcoin short term but in long term, purchasing powers of fiat currencies and Bitcoin will be oppositely.

It's not a father of digital currency.

[EDUCATION] The Origins of Bitcoin (https://bitcointalk.org/index.php?topic=5284558.msg55457190#msg55457190)
The Cypherpunks and Bitcoin. The years before bitcointalk. (https://bitcointalk.org/index.php?topic=4356808.msg38922800#msg38922800)

I think Bitcoin will continue to be an alternative system to fiat (which will probably be failing badly during a depression) but it won’t be the savior for us. During very bad times what matters most to the average Joe is survival. It’s eating and ensuring the day of tomorrow. That means Bitcoin won’t matter as much as the food of tomorrow.

Unfortunately, no matter how we flip and spin it around, the rich will continue to have a veery big advantage during these times and they’ll accumulate wealth so when depression’s over they’re richer. It’s been like this for centuries and I really doubt it’d be different today.

Of course Bitcoin will be affected! An economical depression will make anything that isn’t 100% safe disappear from the people’s mouths for a while, including Bitcoin. Say whatever you want, it’s still digital and during hard times you won’t be thinking about electricity and mobile data plan bills. You’re gonna want to just survive and that’s it. So yea, the rich would just buy more, the poor will sell to get food tomorrow and that’s how wealth inequality grows more than ever before.

It won't be an alternative of any system. It is another option for us to choose and diversify our choices.

I disagree with people who are Bitcoin maximalists and say Bitcoin is created to replace fiat currency, to become a new standard, to kill altcoins, to be the only currency on Earth. It is unrealistic belief.

It will be affected, I agree because supply and demand are always interacting with each other. When people finance and pockets are in problems, they will have to focus more on daily expenses, to survive first and investment in any asset will not be their priority. It will impact capital flow in Bitcoin market and will affect its price.

I totally oppose what you say, whether bitcoin is centralized or decentralized, it is still a part of the world economy, it will be useless if it works separately from the rest of the world.

What do you think when inflation and economic crisis in 2022 have had a significant impact on bitcoin? It doesn't even act as an inflation hedge when heavily dumped during periods of inflation and Fed rate hikes. After all, bitcoin is an investment, and its value is completely dependent on people, and people are the ones who are creating this world economy.

when the economic depression hits, of course we will struggle to survive and surely the most prioritized is food and proper shelter, in my opinion if the economic depression hits of course people will start selling their bitcoins because this is where the point of investing in bitcoin is that we will enjoy the return on investment btc even though the assets we are selling are not what we want, for example when we want to sell btc the price of btc has fallen first.

so in my opinion if the economic depression hits of course the price of btc will fall because people will definitely care about their daily needs.

It’s an alternative to fiat even today. Otherwise it wouldn’t be accepted as a currency in stores, have fiat pairs and allow you to spend and receive. It has approximately all the features a currency has.

So you agree it’s an alternative? :P

I didn’t say it’ll replace, I said it’ll continue to be an alternative just like today. And trust me, during a depression we’d all probably rather own a decentralized currency than a currency going through hyperinflation, be discarded, replaced, seized etc by authorities and governments. Your banknotes could become invalid from one day to another because they’d have to move to another currency to keep up with the devaluation. A lot of shit would happen.

I agree though, decentralized isn’t gonna be the new standard, Bitcoin won’t be the world currency, it won’t kill all alts and it won’t replace fiat. But it’s always gonna be an alternative or as you say, another option for us. And maybe it’s better this way.

Their excessive delusion and the spread of such thoughts may also be part of the reason governments hate bitcoin so much. I really don't understand why people are always spreading these things against the government when we all know that there is no way to go against the government. We are always losers whether we are right or wrong, the government is the judge of this world.

I would bet anyone that, no matter how perfect bitcoin becomes, it will hardly ever replace the current fiat system. Unless bitcoin maximalists can overthrow and defeat their government.


We don't need to wait for the Great Recession to see if bitcoin is affected. We only need to look at what happened in 2022 and 2023, when the economy was in crisis, bitcoin was not much better.

You are absolutely correct that during times of economic hardship , individuals resort to selling their assets including Bitcoin, Gold or whatever they posses to meet their basic needs and support their families. It natural instinct driven by the necessity of survival. As far possibility of economic depression is concerned, I think it is unlikely to occur unless the world major powers engage in a significant regional conflict that spreads to other nations, but hopefully, wisdom will prevail and it won't happen. The world has learned bitter lessons from previous economic meltdowns, and they won't repeat the same mistakes again.

In summary, the performance of Bitcoin will largely depend on its adoption and timely resolution of its regulatory issues.

When there is no money to even eat, then you surely know that it will also affect Bitcoin as any other investment. The basic necessities are the most important thing which people need in order to survive and that's what they will prefer in the World Economic Depression, instead of keeping money in a blockchain. It will also affect other investment strategies like Stocks etc. It's not just Bitcoin tbh.

You could think of Bitcoin as digital gold now for whatever reason, but basically it's not considered that because Bitcoin is very different from any gold. Even though most governments want to implement CBDC, it does not mean that Bitcoin can immediately turn into digital gold immediately because the basic concept of Bitcoin will remain as usual, although it is not wrong if many people want to think of Bitcoin as digital gold.

Bitcoin can indeed be said to be a currency, that is a currency in the crypto space however, that does not mean we can think of Bitcoin as a hedge against inflation as long as its price declines and increases still occur by large amounts in a short time. But apart from all that, you can think of Bitcoin as a good asset for you to save and invest at any time or every moment.

Just because you kneel in front of the government doesn’t mean all the rest of us should as well. If you believe governments care so much about you, why is gambling still allowed? I think it’s so much more damaging than Bitcoin. Why instead of practising safety they’re trying to destroy the crypto industry as we speak?

Although a stupid example, it’s the only one that comes up in my mind: Area 51. Remember the day there was a Facebook group for overturning Area 51 and so many people checked in the US Army had to warn they’ll have to use force to protect the area? It’s kinda like that with Bitcoin too. The government isn’t scared about my delusion. It’s scared about what they weren’t expecting Bitcoin could do.

How do you believe there’s no way to go against the government though? History shows you there’s always a way, but you seem to be living in enough fear to think they’ll always win. They aren’t invincible, you’re very very likely more innocent than they are (don’t pretend politics don’t involve corruption, stealing and all types of illegal things) and it’s not the first time a system or government is overturned.

Most economic or financial disasters are rooted in fiat losing its value so I think that bitcoin will be affected in a way that gold is affected like back in Great Depression, gold became more valuable because they want to strengthen the value of dollar since it was pegged in gold at that time, if bitcoin is really an asset then it will go up in value when a downturn happens because just like gold, people will have perceived value on it and people will see it as a hedge to prevent collapse thus causing the value to go up as more people try to get their hands on bitcoin so they can protect their finances.

To be fair, bitcoin has not been able to compare to gold, so when a recession hits, people will still look to gold instead of bitcoin. Gold has been recognized and used for thousands of years, and its value is recognized by everyone. Meanwhile, bitcoin has yet to reach the same level of popularity as gold, so it is highly unlikely that people will look to bitcoin when a recession hits. But if bitcoin achieves the same popularity as gold, its volatility will be like that of gold. I don't think many people will invest in bitcoin then.

During a great economic depression, bitcoin should get positive impact on its price. When the government issued instruments start failing, Bitcoin is something that people can rely on because they can't be controlled by government. That's definitely my own prediction. But I believe the sentiment of the common people will be very positive towards a decentralised asset like Bitcoin during a economic turmoil.

I hope the world will not get into such depression because the financial systems are now more resilient towards such things. But it's good to keep on hoarding bitcoins just in case.

Bitcoin marketcap or even let us say the whole cryptocurrency market cap, if we made a comparison with another sector of the financial market, such as companies, assets, FIAT currencies, and many other things, the comparison would make bitcoin have minuscule significance.

At some point, bitcoin has a high correlation with the stock market. And if we look at the recent price surges, it is likely tied to the recent ETF news. So, considering all those things I mentioned, also, specifically in cases of economic depression, it is almost certain that bitcoin would be also affected.

During an economic depression, people are striving for survival; thus, investing in Bitcoin isn't their first priority. As you may have noticed, we're already in a state of financial depression; the war against Ukraine is still going strong, which is hurting the economy on a worldwide scale, while inflation is still through the roof. And how has Bitcoin performed over the past two years? Certainly not that great, as you may have noticed. It's still more than 50% below the latest ATH, and while that isn't as bad as it sounds, the market is far from recovering, even though it's showing some positive signs.

Yeah. We already saw what effects a recession could inflict upon the industry 3 years ago.  Who’s to say the same thing, maybe even worse couldn’t happen should a recession/depression happen within this next few years? I’d argue however that even though bitcoin may very well lose a significant percentage of its current valuation should things go south and a recession happen, opportunities to bounce back will come up eventually and bitcoin will be able to recover later down the line, once again like it did during the height of the pandemic. And even if such event were not to happen, bitcoin’s value is still on a net uptrend with high propensity for massive price increases during favorable periods in the market.

So while it’s disheartening for some, it’s not the end of everything for everyone, bitcoin will remain topical and will almost always bounce back from its dump

Your point about government'srole in curbing industries like cryptocurrency is fascinating. You view it as excessive interference, dampening creativity. Yet, my stance differs. Governments, while sometimes acting not in public favor like permitting gambling, shouldn't be compared to cryptocurrency. Bitcoin symbolizes a new era, demanding prudent regulation and analysis.

Your Bitcoin-Area 51 comparison is catchy, but it misses the government's duty of ensuring safety and stability. Their Bitcoin apprehension, I believe, stems from potential misuse, not technophobia. While governments can be toppled, promoting such drastic measures against disliked regulations seems extreme and ineffective. Backing sound regulation and spreading Bitcoin knowledge seems a wiser trajectory.

True even investors in Bitcoin might sell some of their assets for them to have funds for their needs like food or essential requirements. It's actually good to invest when there's a case like this where there's an economic downfall so when in times of need you can sell and have some money. The worst scenario is when there's a high rate of inflation while the income of a person still remains the same so it would be a survival every day as your salary is only sufficient for your needs. Bitcoin for sure would have been negatively impacted by this issue, but some people take advantage of its downfall and will try to invest in it so that when it recovers they could also earn.

During an economic depression, the effect on Bitcoin can be influenced by several factors. On one hand, the increased uncertainty and financial instability associated with a depression can drive some investors towards alternative assets. Sometime the increasing demand of Bitcoin as a potential store of value can lead to a rise its price. On the other hand, economic depressions often result in widespread financial hardship, inflation in government policies may reduce consumer spending. These factors may also have a negative effect on Bitcoin as users may sell their holdings to meet needs or pay for immediate expenses. Naturally, the impact of a recession on Bitcoin is complex and depends on a number of market and economic factors.

Lets flashback to 2020 when the coronavirus disease affected the world and cause an economic meltdown. What happened to the price of Bitcoin, it fall and made many investors to lose money when they sold out of fear because they lost hope that Bitcoin will rise back up. If economy depression was to come Bitcoin can't stand against it, Bitcoin will follow every assets to collapse. Bitcoin might be among the assets that'll lose the most value during this period.

As a long term investors in Bitcoin, during this period is when your loyalty will be tested and only those who holds through this period or were smart enough to buy back Bitcoin before the recovery happens will benefits because Bitcoin price will always recover from any losses.

When world Economic Depression starts, it will affect not only the finance but also all the areas. The main function of human survival is to meet his food needs. When people are self-sufficient  in food, they give priority to other thoughts. What will happen with money if there is no food? We know that Bitcoin is a boon to the economy. But I think Bitcoin has no need to be centralized. It is better as decentralized.

But we can say that even when the global economy is on the verge of collapsing due to various reasons, Bitcoin continues to go through an upward trend. As we saw in case of Covid-19.

Of course, it will have a significant impact on the value of Bitcoin and other cryptocurrencies. Even a local economic crisis might have an impact on stocks and cryptocurrency. How much more if the economic depression which is a global crisis. I understand how difficult it is to live in such a circumstances, yet traders and investors profit from it. This is the perfect time to invest large sums of money because when our situation returns to normal, the value of the stock will return to healthy price movement. You can check the chart of a stock or Bitcoin before and after a crisis to see whether the price does not increase.

During covid 19, there were mass deaths due to the disease, no one starved because the government pumped money to save people. But for the post-pandemic situation, in 2022 and 2023, crisis and inflation happened, people started to have financial difficulties, and bitcoin also plummeted because it was badly affected. Do you have any explanation for this? How can bitcoin rise if we live in a severe recession? Bitcoin is still a volatile and uncertain asset like gold, so people won't be looking for it if there is a Great Recession.

Yes, I don't want to protest against the government because it's not beneficial for me and my loved ones. I do not deny that the government is not perfect in bringing benefits to the people, there are many shortcomings, and I myself have many frustrations. But we do nothing useful for the country, and is it too much to insist that the government be perfect in everything?

I don't see them destroying the crypto industry, what they're doing is finding ways to regulate and control us. That makes us lose our freedom, and many people don't like it, including me. But if you were the government, when you were threatened by someone, would you try to destroy them? That's why I always wanted bitcoin to be an alternative, not a replacement.

I do not agree with this view in life, so far I know the importance of the economy in life, but to say it is the core value in our life is absolutely not. Try searching and listening to the sharing of spiritual masters to see how they view this operating economy, their simple but complicated view in the process surprised me even more because it took me so long. Nowadays we just try to follow everything and let the problems in life take control, a pretty good saying I've heard about us being slaves to emotions ranging from happiness to suffering. Matter or things related to the micro to the macro level also have its own operation, disorder or influence has a reason and also has a way to solve it, historical stories have passed. through it is not a warning for people to be afraid but to try to live better to overcome those difficulties.

In short, if you disagree with the view that economics is not the backbone of everything in this world. What will be the backbone of your life? I want to ask if you have no money in this day and age, how would you survive? Our lives have a lot of things that are necessary, not just money, but if you don't have a stable economy, you have nothing in your hand, even your family, wife, children, and friends will not need you.

While the period of economic depression was harsh on Western economies, I think the op is overstating it. I mean, phrases like 'life became survival of the fittest' are just too broad. Of course, there were people suffering, and there were people doing well. There were people fending for themselves but also people doing their best to help those who were left behind. Churches, charities, as well as women's organizations often focused on helping those who were worst off economically, so it wasn't just survival of the fittest.
In any case, I hope that the world economy is simply stronger now and won't suffer a similar period again (considering that it's been almost 100 years since that happened), but if that does happen, I think Bitcoin will initially go down along with everything else but will recover faster than the global economy because it's not particularly dependent on it.

I think it is Morality

Since you're assuming something that isn't true, I won't be able to give you an answer as to how that would work out, but I'll mention that I still have money, though not too much, and not too poor to pay for it treat them as something to put first. Remember that the fact that you work and you get paid is fair, so what kind of work does it have, I think you will figure it out for yourself when a farmer does what they do to support them, raise their own livestock to provide food and share it with everyone you can imagine. I do not deny the importance of money in today's life, but it is clear here that we have made a difference between perceiving money as a tool people and people as a tool for money.

Well you are taking scenarios to the extreme. We usually do not assume that we would be in an apocalyptic mad max future. Most people do not build nuclear bunkers and most people do not believe that we should be taking survival paranoia to such extremes.

Of course, the economic depression is going to affect Bitcoin, but we are only talking about supply and demand. Of course prices will fluctuate and Bitcoin itself has a supply and demand. The supply being finite does not automatically mean that there will always be a demand. But in the foreseeable future, Bitcoin is going to take over as the global money and replace the old generation of money, so it is the demand of fiat, which you should be worried about.

I am not going to keep more fiat than I have to. Bitcoin Funds > Fiat Funds

In the currently momentum we are living that is true. But imagine a chaotic time, where you had money, but money was priceless because there wouldn't be anything to buy. You could go to the supermarket with your pockets replenished of money, but without any goods and products on the shelves for sale. You could even boast your fortune to the masses, but they would have zero interest on it, because they would be totally focused on finding a glass of drinkable water and a piece of bread. So, economy isn't everything, survival is. And sometimes, in extreme situations, survival goes beyond economical matters.

On the other hand, from a more noble and pure perspective, the backbone of everything in this world should be the love, respect and caring we have for God, ourselves and others. Anyway, that stays solely on theory. The reality is dirty and disgusting.

I would not so boldly claim that the current economy is better than the one that was earlier in the thirties of the last century. Firstly, many currencies nowadays are not provided with so-called gold reserves. Whereas earlier it restrained their uncontrolled emission. Secondly, the last economic crisis was caused by the fact that a lot of intermediary financial instruments appeared in the banking system, as well as the mortgage system, which clog up the economy. For example, loans were given to people who would never be able to repay them. Therefore, I think that the economy is still far from perfect.

I think without asking you can already guess what the answer is, and yes, of course, when the global economy is bad, it will obviously have an impact on all investment assets, even if it's bitcoin. It's hard to say no, maybe it's very unreasonable to say that world economic conditions don't have an impact on digital investment assets or physical investment, obviously it will.

Imagine when the world was hit by Covid, what the economic situation would be like, and how it would affect bitcoin. But still, bitcoin is a volatile asset and can go against economic trends at any time.

Cash, its just a tool, right? And arent humans beyond mere cogs in this vast financial apparatus? A thought-provoking notion indeed. Bitcoin, like any cash variant, is an instrument. But it's a revolutionary one - decentralized, trust-free, and a potential democratizer of finance. Doesnt that impart a "moral" edge to it?

The Bitcoin miners or blockchain innovators - arent they performing purposeful tasks, not merely chasing the greenback or, in this context, the Satoshi? Isnt this a stride towards prioritizing people over mere financial exploits?

As we integrate these technologies into our monetary system, perhaps we're not just trading tools. Maybe we're remodeling the entire workshop.

The global economical situation will definitely affect bitcoin but the degree and type of effect depends on a lot of things. We can't say it is all negative or all positive. And lets not forget that economy is not exactly "global" while bitcoin is. Even during the economic crisis like the one in 2008, there were countries that were either unaffected or were setting positive growth. Even during the 2022 onward economic crisis the world is split into parts, the Western countries specifically Europe have started seeing increased inflation and decreased economic growth whereas the Eastern bloc started seeing less inflation and higher economic growth.

Such economical situation is at global scale which will affect all countries and all industries in societies. It is very unrealistic to say blockchain industry and Bitcoin market, cryptocurrency market will not be impacted by such global economical situation like recession.

We have to see impacts in short term and long term. In short term, nothing will be not affected by a global economical recession. In long term, strong countries, good industries will survive, recover strongly and even can find milestones in their growths. I believe that Bitcoin will show its attraction in investors when such global economical situation comes but honestly I don't want to live in such time.

I want to live in a period with things like normal because such toughest times will affect many people including me too and I don't want to see many difficulties knock doors of many people. I wish a prosperous life for everyone.

Two recessions, Two recoveries (Compare the two longest episodes in U.S. history with our interactive tool) (https://www.pewresearch.org/social-trends/2019/12/13/two-recessions-two-recoveries/) Pew Research.

Stocks are different than cryptocurrencies, stocks are from physical companies that exist in the world and are affected by an economic crisis because their sales and stuff get disturbed because there is inflation and people don't have a lot of money to spend, thus those companies face losses and that causes their stocks to go down, but for Bitcoin or cryptocurrencies, it's a different story because they are not physical entities but they exist digitally.

When there is an economic crisis or there is extreme inflation, people tend to look for ways to invest their money so that they are safe from high inflation and devaluation, and a lot of people will choose Bitcoin and cryptocurrencies as an escape which might impact them positively in such a situation.

That's true but what happens is still we don't know if a greater economic depression comes. I'm not an economist but they say that almost everything is gonna be affected. But we've seen how bitcoin performs despite that for the past few years. There could still be some assets that will be chosen by noncoiners but to us, this is the best choice whether there is or there is no depression at all. It's like satoshi has set it all for us as bitcoin was invented during also the economic depression several years ago. While we do understand how bitcoin moves as an asset and it's not tied to global markets as we believe. Nowadays, we do see its significance together with the other markets that people are also trading in.

It all depends on what you mean by "affecting bitcoin": will it affect its value? Probably yes. Will it affect the way it works? Absolutely not. Bitcoin will keep going despite the value in dollars, euro, or whatever other fiat value. Many people make confusion and think that bitcoin's value somehow affects the way it works, but it doesn't. So if I were you I wouldn't worry about this possibility.

During the pandemic Bitcoin price first did collapse as many investors while panicking and selling their bitcoin because they felt the whole world is going into an economy meltdown which did happened but not as everyone was expecting it to happen due to the expert opinion we have been hearing of how the economy will collapse. Covid19 was an example of what will happen when the world will go into an economy depression, but Bitcoin will survive.

Bitcoin will survive because it'll rise in value after the whole depression is over, Bitcoin price is been affected by everything around us, that's why it also has to be affected if the whole economy is under attack, Bitcoin profits from the money gotten from our business and when business isn't good, we won't have money to invest in Bitcoin.

You can't have a bitcoin and die in hunger because bitcoin because bitcoin is money and money is bitcoin so whatever we want to buy and we don't have bitcoin you can trade your bitcoin with any exchange so that you can afford your needs, what op ask of world depression affecting bitcoin, its real that world depression can affect bitcoin because no one will like to buy bitcoin again because they have run out of cash for surviving, we have many coins to buy that is more lesser than bitcoin, I want to correct you saying you will buy a cheap bitcoin a bitcoin is one and it does not have a cheap one except you are saying that you will buy a small ration or values of bitcoin with small amount, its altcoins you will buy cheap base on how influential is the project

That is how it will be. If the depression is all over then Bitcoin will be affected but if it's only a section in the world them they part is free can still use the p2p but it will still affect the free part, because the buying and selling power might reduce so the price of Bitcoin might also come down to the minimum. Also the price might go up to the highest peak because the area the depression would affect would come to the free area for survival so as that thing will increase dramatically. So the two side of the coin might be found in the depression.

Yes, you're correct, but what we've seen in the market is that when there's an economic crisis, we should expect cryptocurrencies to be unaffected because they only exist digitally, whereas stocks are physical entities, but instead we've seen that they're affected as well. I'm not sure what the exact explanation is for people not choosing to invest in cryptocurrencies during an economic downturn; perhaps it was seen as an advantage by institutions or smart money. Because, when things return to normal, cryptocurrency usually makes an impulsive up move, resulting in a new high.

It's hard to tell if the economic depression will affect Bitcoin price since there are a lot of things that determine the BTC market's new trend we already know bad news is one but judging by the previous occasion that happened during the total lockdown we see that investors often seek alternative assets as a store of value or a hedge against economic depression and most of them find there alternative in BTC. Therefore, there's a huge possibility that economic depression may not affect BTC.

I do not think that cryptocurrencies are not affected because of the reason they are digital... It is a funny reason, IMO, and is wrong.  The cryptocurrency market relies on supply and demand.  If there is a shortage of funds coming to the market then it is clear and obvious that the cryptocurrency market will be affected.  There will be no support for the market demand and when the selling pressure exceeds that of demand then the price of the cryptocurrency will plummet.

It is a domino effect when the economy is in a state of depression, the market will automatically affect no matter if it is tangible or intangible.

 Believe it or not, nothing will be safe from a situation like this, most people in these cases enter such a strong crisis because they do not know what will happen, that they choose to choose what seems most vital to them, and normally this is the food and basic necessities and to be able to access them they will need the immediate availability of some type of currency, and for people it is more stable to choose what they know than something new like digital. But who knows, from the way I see things and new technologies, the possibility of people turning to digital assets could also be a possibility, since it is something that is ruling more and more in the world, it is almost not known anymore. see cash as before, now everything is handled with cards and virtual transactions, so redirecting me in this area, and taking it to the decentralized, probably this time you will see a lot of people using bitcoin, or is it just a fallacy? That it will be affected if, as I said, nothing will be safe, but it might not be as harsh as with fiat currency.

I mean this is basically what Bitcoin was designed for. Satoshi knew that one day all banks would probably fail due to hyperinflation of their worthless fiat currency system.... All I remember is hearing about how hard the great depression was from my grandma. She lived in Detroit at the time too, which was a rough city to live in during those times. I remember how she told me when she was like 8 and had to chaperone her 3 younger siblings from school to home like 3 miles away each day and then prepare food for all of them because her parents were working. Its wild times. If everyone goes into a state of depresson from a global economic collapse then surely Bitcoin would only go up and do much better simply due to supply and demand. People would naturally put their money into gold and silver, and now of course bitcoin, too. So I can definitely see Bitcoin doing well as a result of all this.

If recession, the economic crisis does not affect bitcoin. Can you explain to me what happened in 2022 and this year? When inflation is high, all industries are affected, and bitcoin is also severely dumped in 2022. Not to mention, every time the Fed announces a rate hike, bitcoin continues to be dumped, or negative news about war also causes the market to panic...All this is not telling you that if the economy is unhealthy, every asset and industry will suffer, and bitcoin is no exception.

Not stopping there, many people also think that bitcoin is decentralized and not like stocks, it is not the product of any company, so it will not affect when the economy goes down. But they forget that, whether bitcoins are centralized or decentralized, their value depends on supply and demand. So it's funny that people are trying to defend bitcoin by saying it's digital, decentralized...so it can't be affected by our economy.
All are part of the economy and will be closely linked with each other, nothing can exist without connecting to the world economy.

As someone intriguingly cynical, I appreciate your astute analysis. You pose a notion that essentially asks, "In times of crisis, will humans cling to the archaic yet familiar, or embrace the novel and uncharted?" Your stance leans towards the former, which I can understand. However, as a boldly speculative academic, I'd assert that your argument lacks a nuanced understanding of our adaptable nature.

Are we not the species that, once afraid of fire, learnt to harness its power? Why then, do we assume that digital currencies would be shunned in crisis times? History shows us that moments of strife often catalyze shifts towards innovation and novelty. Claiming the reign of virtual transactions as a mere fallacy is an oversimplification. Look around, the world is changing rapidly. As for Bitcoin being affected, I assertively, yet aggressively, state that Bitcoin will not just survive but thrive, possibly even become a sanctuary for financial stability.

If there is an economic depression happen then the world's growth and development will automatically experience major problems, where many people have difficulty making ends meet due to the large amount of unemployment that occurs. Under such conditions investment will not be a priority for people because it is difficult to meet their daily needs, so talking about fulfilling life is far more important than investing.

The economy is the backbone of a country and the people in it, when an economic depression hits the journey of the country and the people in it will affect it. The difference is only in the level of severity and when the government has no option to get out of the problem, then all sectors will be affected by themselves.

Although bitcoin is resistant to recession and inflation, it does not mean that it will also be stable during an economic depression. When there is no demand and supply caused by economic turmoil, the growth of bitcoin will stop in terms of supply and demand for a while time, because people are more focused on increasing the necessities of life than thinking about investing.

By that logic government can do whatever they want and we would not be protesting it because it doesn't benefit us? This is only valid if there is a small amount of issues that doesn't really matter, but if there is a big issue then we should do a big protest in order to put them in line.

Governments can be as strong as the people make them to be, and a weak government doesn't mean a weak nation, it means powerful citizens with rights. Rights are not given, it's taken, even the simples things like weekends were all given to us because we protested. All the worker rights and minority rights in the world has been earned by protests, sometimes civil unrest, sometimes even as far as violence, because if you want to take it, you need to go out there and take it, not wait for someone to give it to you.

World economic depressions have happened several times in history, one of which is the one you mentioned, and it happened right after the First World War. To say that it was created as a result of the impact of the First World War. So if you look at the world economic depression, since physical damage or war has happened, so I think physical asset will be more important than virtual asset. And that's why I think Bitcoin's price can have a lot of downfall.

Remember I said a lot of things impact the price of the Bitcoin market and cause the dump in the price of last year was many but the most crucial part is the normal market correction that always occurs before the block halving market effect and the FTX collapse.
This year dum was influenced by Bitcoin Ordinals/BRC-20 and the US SEC lawsuit on top exchange but bullish trend happened when giant investment companies show their interest in BTC publicly.

Obviously, that’s what would be obtainable in situations of a Great Depression as good would be of the most importance with people trying to build up from where they left off. Having access to mobile network would be next to impossible with lack of facilities but that would depend on the course of the depression though.
Still, we invest today that we might be able to profit and sustain our lives through years and enjoying our crypto investment would help to serve that purpose. In times of Great Depression, only the powerful or those who have more than enough could be able to buy and there would be a lot of sellers. This would in turn have an effect on price as supply would be in surplus.

The economic situations that have occurred in the past have only been a reference to tragedy, not correction, which is the curious thing, it happened in the 80s, it happened in 2008 and where we are today, nothing happens in the economic sphere as an effect of positive change.

Tragedies are only repeated in individuals and economies continue, nothing will happen to bitcoin, the tragedy will surely affect society and bitcoin will continue, the cycle repeats itself only now bitcoin also survives.

I know you are referring to the 4-year market cycle after bitcoin makes a new ATH in 2021. But if you take a closer look at the volatility of bitcoin last year, bitcoin reacted as strongly as other markets when news of the war between Ukraine and Russia broke out. Moreover, every time the Fed announces inflation as well as interest rate hikes, bitcoin will fluctuate and be dumped. That is not enough to demonstrate the impact of the economy on the market?

The value of any asset depends on the supply and demand of people, and people are also a part of the world economy. Bitcoin would be nothing to say that it is not part of the world economy.

Agreed, bitcoin was born to solve the problems that fiat is having, but for bitcoin to become everyone's choice if there is a big recession, it needs many factors. It's bitcoin's acceptance and legitimacy, I mean, if bitcoin's recognition doesn't achieve greater results, then it will be very difficult to become an inflation-resistant asset like gold. No matter how good bitcoin is, if it is not recognized by the public, it will never be an option when the Great Recession hits. As is happening, inflation and economic crisis are hitting us, but bitcoin is still not an option for many people, many are still choosing gold and other assets as a safe haven.

I think the FED and many other similar entities around the world have made it very clear over several decades, they are not going to allow a depression like that to ever happen again.

Basically they are ready to print all the money they may need to force people to use their money and stop hoarding it, however this attitude will eventually create hyperinflation, which is just as bad but it is the complete opposite of a depression period, as that point no one will want to hold their fiat for any significant period of time.

You are very thorough looking at this. Yes. at least this moment serves as a test of maturity to determine whether Bitcoin is truly considered a safe-haven asset and a safe place to keep their money or just a speculative investment.

I think it comes back to the market participants. If they really think of Bitcoin as a safe haven, it could hold up well during a crisis. Conversely, if what you see is a high-risk investment and its value can drop at any time, isn't it obvious that your intentions will be clearly expressed, one of which is from the economic downturn. But, look at it with open eyes. As the economy improves, positive news emerges and makes headlines for weeks. What's next? As more industries enter this space, some investors and financial institutions will view Bitcoin as a safe-haven asset and they feel it is a safe place to store their money.

This can also depend on the opinion of each person because the function is also clear so that everyone can have different assumptions when owning Bitcoin. Although in general Bitcoin is better for investment direction because it has been specifically proven that an increase in price over a certain period of time always exists and occurs in Bitcoin. So the opinion depends on the individual person.

If you remember being safe, obviously Bitcoin can still be said to be safe. Whether it's to be invested and stored for a long time or to be traded in the market, both of which are still good for and safe for many people to do with Bitcoin. And that is apart from conditions that can affect the market because when there are bad conditions that can affect the market, of course the mentality of traders and holders will also be affected. It could even be changed in terms of his trust in Bitcoin.

If we have economic depression, it will affect not only bitcoin but even other assets like gold. People will look for survival necessities like food and shelter and not spend on luxury.

Just because bitcoin exists online doesn't mean it's immune from what happens out there in the world like the  Economic Depression!
And since this affects the fiat system for example...as banks and what not get closed down, people revert to old methods such as the barter system to trade for goods and services, but I think bitcoin could become a valuable asset to use as a medium of exchange like what was used several years ago as gold or silver.

Overall bitcoin could pump like crazy should this happen in this Era as people will panic buy to protect their worth.

But bitcoin is not a luxury if that's the impression it has, it can actually be used as any other currency out there and it being decentralized could be a good thing against  such phenomenon as economic depression.

The world economic depression could potentially affect bitcoin, as it has the potential to impact the global financial market as a whole. Some experts argue that bitcoin could benefit from the economic downturn, as investors may turn to alternative assets such as cryptocurrencies as a hedge against inflation or economic stability. Bitcoin decentralized nature and limited supply could make it an attractive investment option during times of economic uncertainty. Economic depression could lead to a decrease in demand for cryptocurrencies, as investors may prioritize more traditional assets such as gold or government bonds. The economic downturn could also impact the mining and trading of cryptocurrencies, potentially leading to a decrease in bitcoin's value.

Bitcoin was originally designed to withstand inflation and recession, but so far it has not fulfilled that mission.  the proof is that it is still dumped when a crisis or inflation occurs.  one more thing, bitcoin is not used as a currency, if people considered it currency, they wouldn't have dumped it when bad news attacked us. most of us only see bitcoin as an investment asset, and that is why it cannot become a currency nor a safe haven when inflation occurs.

Yes, the Fed inflation and hike in interest rates announcement somehow impact the price of the Bitcoin market but the dump is always slightly dump in price.
I think getting wrong because I never said Bitcoin is not part of the world economy and what I am saying is that people always find an alternative in Bitcoin whenever there's a world economic depression.

The Economic depression will surely make the impression in the bitcoin.Because bitcoin always had their impact in the economy and financial stability.The global financial market was functioning by the Bitcoin now.Bitcoin decentralisation is base for bitcoin survived over a decade.People also uses government bonds and gold.Because both of them are real and easy exchangeable assets.

Bitcoin and the economics are fascinating. Your essay on Bitcoin's decentralized nature's resilience is enlightening. I'd want to explore this relationship's ramifications. Bitcoin's function in a recession is unclear. Decentralization and independence from conventional banking systems have helped it survive storms. Remember Bitcoin's renowned volatility. This makes it a dangerous shelter amid economic upheaval.

Government bonds and gold are tangible and exchangeable, providing security. Like Bitcoin, these assets have specific dangers, such as inflation (bonds) and price fluctuations (gold). Thus, investing requires a balance.

I think this quite an extreme view. To assume that life will boil down to people trading Bitcoin for a meal, rather than using Bitcoin to barter/pay for food, is unrealistic.

In a economic depression that is this extreme, the real question comes down to the stability of Bitcoin's price, which comes down to its accessibility and usability throughout the world.

The fact is, we are not ready that kind of event. Fees costing $1-$5+ make it unviable for daily use. Knowledge is also not high enough for it to be globally adopted.

Whether this is close and we should think about it, or not, is the first question we should be asking and exploring before the one in the OP.

Yeah, I also think that economic depression will pull Bitcoin market down.  Just like stated on the earlier reply, people with not sufficient fund to bring food on the table will choose food than any other kind of investment.  This will greatly affect the demand for Bitcoin.  With people selling their asset (including bitcoin) to help themselves cross the world economic depression, there will be an influx of Bitcoin supply and with less demand for it, the Bitcoin market will really experience the sell pressure pushing the price down.  Since we all know, Bitcoin being in free market always rely on the supply and demand.

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In my opinion, the world economic depression can affect Bitcoin and other cryptocurrencies. An economic depression can create uncertainty in financial markets as a whole, affect Bitcoin demand and adoption, and create correlations with traditional markets. Nonetheless, there is also a view that Bitcoin can serve as a hedge asset in difficult economic situations. However, please note that there is no guarantee how Bitcoin will react in a world economic depression scenario.

A worldwide economic depression doesn't necessarily have to occur after a big war, there are countries at the moment that was not in any war but still are struggling with their economies and rising rates of inflation, and when that happens with most of the countries, that is what economic depression is, and in such times, people can have access to the internet and cryptocurrencies, so it's not impossible for them to not be able to have access to Bitcoin.

And I don't think that people will abandon Bitcoin or cryptocurrencies in such situations since they are mainly not affected by wars and everything and they can still sustain a good value over time no matter what happens, so people might prefer investing whatever they have left in Bitcoin.

Now the reaction from Bitcoin itself is also very clear in the market, where price bounces upward are always there and are very visible after a price correction. I also don't think that the world's economic conditions are going well, but I still firmly believe that Bitcoin's condition will continue to improve this year and everyone can buy it now before it becomes more expensive in the market.

The world economic depression could also be affected by the existence of several large businesses whose sales were not smooth and resulted in fewer purchases. Apart from that, the large number of unemployed and the low salary received by many employees can also be a trigger so that everyone must try to save on themselves because if there are difficulties in the economic sector it will also hinder other sectors in this world.

a number of world economic situations have had an impact on the development of bitcoin, the two are interrelated considering that investors need a place to protect their assets from the depreciation of the world economy, although sometimes it does not have a significant effect on the bitcoin market. for example when a war occurs, of course inflation will increase high and property assets may no longer be worthless, food is a staple for continuing life, besides that if there is still an internet network of course bitcoin is an option to save their money, until finally when the atmosphere is conducive then the value of their money will actually increase, because bitcoin works globally around the world

It will. The economic depression is a fairly chaotic and uncertain condition. Many companies have collapsed and even countries are on the verge of bankruptcy. If this were to happen again in the current period, it would be disastrous for Bitcoin and the crypto market. Surely there will be many crypto holders who are panic selling their assets to be able to secure their financial condition and make crypto values fall. This is a condition that all of us don't want, seeing how the Bitcoin and crypto market is destroyed and helpless, and it will definitely be quite difficult to recover in a short time.

The depression of the 2020 Covid 19 have thought me a lesson that every hard hit on this earth is a benefactor for some people, if such thing happen again ( I don't pray so ) then I will take my chances and become even stronger in my plans, what could possibly go wrong now after what we saw and lived through in 2020? God, I thought this world was coming to an end fast, I thought the virus will wiped out every surface of the earth but instead some peel get fatty and filthy rich out of the whole mess.

Till today I still believe that the CoVid was a planned attack on this earth by some group of powerful people who, so brothers, if another form of Depression comes and it affects Bitcoin, do not let it shaked you out, be strong because it will also pass.