[2020-03-03] Bitcoin Too Young to Be Predictable But it Has a Major Advantage

[blacky90]

While traditional markets experience coronavirus fears fuelled volatility, it might be still too soon to tell how bitcoin (BTC) would really perform during a period of serious financial turmoil. However, the fact that bitcoin is a “trustless asset” might be a major advantage in difficult times.

https://cryptonews.com/news/bitcoin-too-young-to-be-predictable-but-it-has-a-major-advan-5931.htm

[LeGaulois]

(Did you feel compelled to post that picture completely off-topic? Images are boring in this section and they bring nothing. I pity those who have a data limit in their connection)

It's evident no one can say with exactitude what Bitcoin can do in a catastrophic period since Bitcoin has never known one until now.

Trust in governments and their economies would have to be lost in order for people to look for something else.
But the more time goes by, the more Bitcoin shows its advantage for a plan B (in case something goes wrong, a safe haven) and we can at least get a quite strong opinion on what it can do (no need to be Bitwise CEO or I don't remember who they quoted in the article) see Venezuela and Argentina for example
.
What it would take is a crisis like 2008 or even 1928 to see how Bitcoin would react.

[bbc.reporter]

@LeGaulois. It is not assured as a safe haven. I speculate that in an event similar to the great depression, bitcoin would also dump together with stocks because more people use bitcoin like stocks. As a speculative investment.

In a world war 3 event, it is also hard for bitcoin to be a safe haven because hashrate security might always be threatened.

In a corona virus zombie apocalypse event, it might be similar. I reckon food, medical supplies, guns would be valued and bartered. Currencies might not hold value.

[Kemarit]

It's pretty obvious, market is still in its infancy and never been really tested in major geo political disasters that might occur in the future. But it doesn't mean that Bitcoin or crypto won't survived on will not be a good leverage. Maybe when Bitcoin goes global in the next 50 years and some wars happened, we can gauge everything and say, yes, crypto can still performed under pressure in economic depressions. For now let's say gold and other precious metals, which has proven itself in World War 2 is a safe haven.

[bbc.reporter]

@Kemarit. Agreed. However, everything you said is speculative based on maybe and what might occur or not. A safe haven should be stable and most certain to be safe on the future.

I can tell you that a safe haven for the cryptospace bear market is fiat hehehe.

[Kounter]

Bitoin is very predictable. You just have to listen to the news and do the opposite.