How will financial crisis affect crypto?

[Kevin77]

I think the only problem is not finding money to buy.
The situation for example in Venezuela, yeah the price of bitcoin skyrocketed but its also very difficult to find people that would buy your bitcoin.

Do you really think someone who had 1 bitcoin before all that happened found a buyer right away for their bitcoin when this situation happened ? No, the volume dropped significantly, like nowhere else. That is why when the financial crisis hits the globe (like 2008 one) the price of bitcoin will certainly go up but it will also drop in volume a lot as well. That is the reason it would be a very dangerous market that is prone to manipulation by people with a lot of money who can buy or sell bitcoin in bulk to change the market in their favor. Lets hope we never see those days.

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[Crypdon]

After seeing venezuela switch to crypto it is clear where the future is. They switched to both bitcoin and Dash, no mention of other coins, not sure about the petro so it's btc all the way

[Pokapoka124]

Bitcoin is becoming more popular and more people are beginning to join the crypto community. I watched a video quite recently of Robert Kiyosaki talking about how much btc he has and why he prefers bitcoin to gold and stocks.

[kaya11]

It looks like the downtrend on the financial system is inevitable. How do you think this will affect crypto? People used to refer to gold in the past, will they move to crypto this time instead?
I kinda think, that the upcoming crisis actually gives crypto a chance.

If I were right, Crypto in the first place was born out of the financial crisis, I remember those times when I was still in college and many people lost their ba Jobs, home and that's why Bitcoin was made. It was to counter hyper inflation due to economic failure of the government, at least they have an alternative for gold and which is new and has a high volatilty. People these days wanted to try something new, they want to break the chain.

[Shasha80]

Bitcoin was created in the midst of the financial crisis that occurred in 2008, Satoshi Nakamoto wanted to create a different system from the Bank.
So Bitcoin will not be affected by the financial crisis, because like Gold. Bitcoin is also very good as a store of value. The most recent example is
the economic crisis that occurred this year due to the COVID-19 pandemic which has no effect on Bitcoin, even the demand for Bitcoin is increasing
and the price of Bitcoin continues to rise. So Bitcoin is indeed one solution to overcoming the economic crisis.

[JeffBrad12]

After seeing venezuela switch to crypto it is clear where the future is. They switched to both bitcoin and Dash, no mention of other coins, not sure about the petro so it's btc all the way

Bitcoin has become the main currency as a replacement for the dollar to be used to fill their daily needs. Venezuela's currency worth nothing and so many stores in venezuela accepting bitcoin as the best option to get the dollars. There are so many people who are moving to mine or get bitcoin and dash. The covid is not affecting the crypto but it did give a big discount for the buyers in Q1 of this year.
Crypto is not getting any impact from the pandemic.

[AicecreaME]

Financial crisis will give a great opportunity for bitcoin to grow and be invested on by investors. The instability of fiat currency now and the unfortunate crisis that is expected to happen soon in the future will pave way for bitcoin to strive. Bitcoin will serve as another platform where people could put their investments in the fear of losing if that crisis happens. Right now, bitcoin's price is increasing and really showing off based on the recent reports and price predictions. However, it still remains volatile.

Bitcoin is now next in line with gold. Btc has decentralize nature which means that financial crisis won't negatively affect bitcoin's condition that much compared to its effect on central organizations. There's a little percentage to be worried about. Although don't get me wrong. I'm not implying here that bitcoin is crisis-proof and would not be totally shaken by such event. It's just that it won't have big impact to rattle the users and investors.

[angrynerd88]

Actually it depends on what causes the emergency. For me the emergency will come within the decade,year or not but it'll result in collapse of fiat as we know it. In the event that dollar dies, the world economy will be harmed as hell, and it'll be difficult to think that unused fiat can illuminate the issue. Since they are normally constrained and decentralized. Of course, instability could be a gigantic drawback, but at slightest hyperinflation is scarcely conceivable, and there are no specialists that can truly mess things up and cause another emergency.Mainly analyzers declare that in future financial crisis will boom the crypto and people will adopt crypto at maximum.

[iv4n]

Actually it depends on what causes the emergency. For me the emergency will come within the decade,year or not but it'll result in collapse of fiat as we know it. In the event that dollar dies, the world economy will be harmed as hell, and it'll be difficult to think that unused fiat can illuminate the issue. Since they are normally constrained and decentralized. Of course, instability could be a gigantic drawback, but at slightest hyperinflation is scarcely conceivable, and there are no specialists that can truly mess things up and cause another emergency.Mainly analyzers declare that in future financial crisis will boom the crypto and people will adopt crypto at maximum.

I think "turn around and see for yourself" is the best answer on the question from the headline! Is it enough for people that BTC is being traded above $20k? While the global economy is on artificial respiration devices (with all this money printing around), crypto is having momentum, once again! And I see this as moving one more step forward!
There will be some pull back, I think that, and I see many others are waiting for that moment, but that will not affect the crypto in general, we will see a new bottom, and it will be higher than ever before. Just be patient, crypto will grow a lot more, while for global economy I think the opposite!

[AndySt]

I think "turn around and see for yourself" is the best answer on the question from the headline! Is it enough for people that BTC is being traded above $20k? While the global economy is on artificial respiration devices (with all this money printing around), crypto is having momentum, once again! And I see this as moving one more step forward!
There will be some pull back, I think that, and I see many others are waiting for that moment, but that will not affect the crypto in general, we will see a new bottom, and it will be higher than ever before. Just be patient, crypto will grow a lot more, while for global economy I think the opposite!

I would not be so categorical and i think that the global economy is still waiting for some recovery in the coming years due to the recovery and overcoming the consequences of the pandemic. But then, indeed, the world economy will face difficult times and a worsening of the crisis, because the pandemic has shifted the focus and brought other factors to the fore, but the accumulated problems and imbalances have not gone away and will show themselves in all their glory in the future.

[FlightyPouch]

Actually it depends on what causes the emergency. For me the emergency will come within the decade,year or not but it'll result in collapse of fiat as we know it. In the event that dollar dies, the world economy will be harmed as hell, and it'll be difficult to think that unused fiat can illuminate the issue. Since they are normally constrained and decentralized. Of course, instability could be a gigantic drawback, but at slightest hyperinflation is scarcely conceivable, and there are no specialists that can truly mess things up and cause another emergency.Mainly analyzers declare that in future financial crisis will boom the crypto and people will adopt crypto at maximum.

The decentralization of crypto currency separates bitcoin from currencies and other stocks and assets that are greatly affected by this pandemic. Without it, there is no doubt that we will not be seeing this price increase. The fact that we reached $20K and it is still going strong means that a lot of people are so drawn by it to invest. Road to $30K?

[iv4n]

...

I would not be so categorical and i think that the global economy is still waiting for some recovery in the coming years due to the recovery and overcoming the consequences of the pandemic. But then, indeed, the world economy will face difficult times and a worsening of the crisis, because the pandemic has shifted the focus and brought other factors to the fore, but the accumulated problems and imbalances have not gone away and will show themselves in all their glory in the future.

Well I don't know where are you from, and that's important, it can help me understand your perspective! Maybe I am categorical, but it's how I "feel the reality around". When i started with bitcoins +5 years ago I could buy the whole Bitcoin with my salary, almost 1.5 to be accurate (the price was around $170, my salary was little over $250)! Now my monthly salary is higher, around $400, but look where BTC is? And in all this time my salary is losing value, inflation eats it, everything is more expensive than before... I just think people are sick from banks and politicians, we need a better system and that's crypto! The one that will be more fair.
Global economy will never recover, at least not for everyone! And I think that recovery wasn't a plan, this system is designed to have rich on the top and slaves on the bottom, kings and slaves, or whatever... why would we want to keep living like that in the 21st century? Can we share with each other? Can we stop worrying about wars and focus on nature around, on our kids? Do we need to continue to trust banks and governments to create more guns with our money, so we can kill each other?...I can say a lot more, but if you understand what I wish to say this is enough I think!

[Prince Malik]

I think does't affect crypto well that's great crypto, not infected with the financial crisis people will turn to crypto. all believe that crypto is the future of digital money, but I don't want to be in a financial crisis everything is cruel and starving others

And this is what exsactly happened during the corona virus outbreak...many  crypto analysts expect that crypto prices will collapse because many people will turn crypto to fiat to manage the period but we didnt seen any think like this

[n0ne]

The cryptomarket and the network together was predicted to get affected, but the independent functioning of the market stood strong. When the world encountered financial crisis out of the pandemic experts predicted for a big crash of cryptomarket. To the expectation things have taken place in the opposite way. Rather than the growth this year there is increased large scale companies participation. This will keep the market progressive and doesn't let it fall.

[bits4books]

Bitcoin was created in the midst of the financial crisis that occurred in 2008, Satoshi Nakamoto wanted to create a different system from the Bank.
So Bitcoin will not be affected by the financial crisis, because like Gold. Bitcoin is also very good as a store of value. The most recent example is
the economic crisis that occurred this year due to the COVID-19 pandemic which has no effect on Bitcoin, even the demand for Bitcoin is increasing
and the price of Bitcoin continues to rise. So Bitcoin is indeed one solution to overcoming the economic crisis.

You lose one very important fact. In order for BTC to work as Satoshi intended, you need to pay with it in isolation from fiat currencies and without looking at its rate.
And as mentioned above, if you want to use BTC equivalent to its value in fiat currency, then in a full-scale crisis, it will be difficult for you to find a buyer for your coins because no one will have money. Or, as already mentioned above, there will be such hyperinflation that even if BTC will cost an infinite amount of fiat money, but this money will either not be able to buy anything or the goods will correspond to inflation and will have a lot of numbers on the price tag.

[verita1]

After seeing venezuela switch to crypto it is clear where the future is. They switched to both bitcoin and Dash, no mention of other coins, not sure about the petro so it's btc all the way

Venezuelans still use their local currency. The news of using crypto in commerce is that of some stores such as supermarkets, pharmacies, pizzerias among others located in the main cities of the country. But not all users pay with crypto is the reason why I say that most Venezuelans pay for their goods and services in the traditional way.
Regarding this news I would say that we are in a pilot project that is beginning to work as people learn and are motivated to use cryptocurrencies.

[konflikkastil]

Financial crisis could affect crypto alot, regarding the case covid-19 that has ruined the economy of many countries. This is a major pointer that when a country is facing any challenges, it will definitely tell on the country finances. Just as its affecting the whole world at large. On the forex market for some days now, USD has been very low. Trading currency pair with USD has brought many traders so much joy. And before Bitcoin suddenly pick up again, the set back in US economy over the few months ago, has cause a landsliding negative effects on the cryptocurrencies market.

[Kez1817]

It looks like the downtrend on the financial system is inevitable. How do you think this will affect crypto? People used to refer to gold in the past, will they move to crypto this time instead?
I kinda think, that the upcoming crisis actually gives crypto a chance.

I think now that crypto is not yet fully utilize, I think the downtrend of financial system will affect too much in crypto because those who invest and buy digital currency always use fiat currency to buy in exchange of digital currency. Another one, people always exchange their cryptocurrency into fiat money before they withdraw and use to buy their necessities and pay their bills and debts/loans if ever they have.

[DrBeer]

The financial crisis and the coronavirus epidemic are just a set of events that draw attention to cryptocurrencies as one of the options to play it safe "here and now." Someone buys food supplies, someone exchanges local currency for a dollar / euro, someone transfers their savings into cryptocurrency. Moreover, now the cryptocurrency is showing speculative growth, which means that in the short term you can get additional income

[Swopon]

 I don't reckon so. And even if it will have a reasonable effect. The financial crisis may be expected to the prevailing pandemic. Crypto is a virtual currency. There is no misgiving of crisis.