Will the next economic collapse trigger massive crypto adoption?

[Beerwizzard]

Cryptocurrencies were always been considered as a risky asset for investments. And they definitely deserve this title.
What kind of things should happen to make all our fiat less safe than currently unsafe assets? Just name some criseses where people gave up everything and started buying something, that earlier was considered as shit?

[Gozie51]

There is that possibility because a collapse of the economic will send a clear message of failure of fiat in the society. This can lead to massive adoption of crypto because it is already standing as alternative.

One major issue that affects fiat is economic forces like inflation but bitcoin is usually not harmed by inflation.

[cryptjh]

Land, housing, metals and now also crypto, I think that's what people will buy up as the central banks keep printing more and more money. The price of crypto's as bitcoins will the next many years still be highly volatile, so it will still be a risky investment. But a bitcoin investment that will be good to have if you already have a large portfolio.
People will less money, who can't afford to by into all the main inflations safe asses, will mostly choose bitcoins, as that's something everyone can buy, even if the just have a low salary.

[Artemis3]

Since the last financial crisis back in 2008, Bitcoin has emerged as a new alternative payment system for the world. The creator of this revolutionary cryptocurrency had a good mindset since he/she designed a system free from corrupt governments’ manipulation and centralized control. The benefits that Bitcoin's Blockchain provides are numerous that can transform our economy for the better. However, there's a possibility that a next financial crisis or global economic collapse will happen in the future as Banks and governments worldwide inflate Fiat currency.

Of course, Fiat will transition towards becoming a digital currency backed by worldwide central banks. But when the next crisis comes, I believe that people will resort towards cryptocurrencies as a safe-haven for their investments.

Which is why, it makes me wonder whenever such crisis will trigger a massive adoption of crypto in the future? Any thoughts about this?

Another crisis will come, but i don't think it will collapse. Inflating fiat is something that has been done for like a century, and some people even think that should be done. The only reason for central banks is the fractional reserve system. Should the world stop with that (bad) practice, and switch to full reserve banking, as proposed by Austrian economics, things would move away from the constant cycles of bubble and crash to one of slower but safer true saving based economy.

This is the same as the people saving (holding) their bitcoins, they are slowly keeping 100% of their money and slowly accumulating for the time they need to use it, as opposed to getting in debt to obtain more, which is the root of the current trend economic problem worldwide.

Austrian economics is the definite answer to stop the recurrent cycles (even if they don't particularly like crypto and want actual gold or similar to be used instead).

A "final" collapse isn't likely to come. While the world keeps with Chicago economics, the cycles will never end, and many people will be hurt. Housing crisis wasn't the first, nor the last. Problem is directly tied to fractional reserve banking...

A world with 100% fractional reserve means the people get to chose when or if they want to lend their money, which (naturally) becomes unavailable during the period of lending. Just like Bitcoin. 3rd of Jan (withdrawal day) actually verifies this for Bitcoin. I wish this was done worldwide to the banks, but of course if only 10% of the world population where to withdraw their money, the banks worldwide would collapse. This is a risk that could trigger something resembling "a final collapse", but i don't see humanity doing it quite yet.

I explained elsewhere that if people starts slowly withdrawing their money, but not beyond the worldwide reserve, it would give traditional banks time to shrink without provoking a worldwide economic catastrophe. One sure way to do this is to convert it to bitcoin, or buy metals or anything can can be under your direct control and supervision.

[kryptqnick]

The problem about this idea is that what if bitcoin will also decreases its value as the financial crisis are taking over? We also have to understand that bitcoin is apparently not as self-sustainable as we think of.

People is not risking right now even if the massive financial crisis is not happening yet how much more when it happens.

My take on this is that people might be going back to the old resources such as gold for keeping their investments

There might be some gold for investors, but there is not enough to adopt the gold-backed money system. And cryptocurrency seems the most obvious and promising alternative. The price can surely go down at first, but it can recover and even increase soon afterwards if the global society finally gets sick of the mistakes and flaws of centralised systems with authorities.

[webtricks]

Since the last financial crisis back in 2008, Bitcoin has emerged as a new alternative payment system for the world. The creator of this revolutionary cryptocurrency had a good mindset since he/she designed a system free from corrupt governments’ manipulation and centralized control. The benefits that Bitcoin's Blockchain provides are numerous that can transform our economy for the better. However, there's a possibility that a next financial crisis or global economic collapse will happen in the future as Banks and governments worldwide inflate Fiat currency.

Of course, Fiat will transition towards becoming a digital currency backed by worldwide central banks. But when the next crisis comes, I believe that people will resort towards cryptocurrencies as a safe-haven for their investments.

Which is why, it makes me wonder whenever such crisis will trigger a massive adoption of crypto in the future? Any thoughts about this?

I don't think people at large have adopted crypto as an equivalent alternative to money till now. Even today we measure value of crypto in fiat such as dollar. So with no standards for crypto in our mind, how will we implement them in market independently?
Let me explain in details. Currently we are able to integrate crypto as a mean of payment because it is possible to measure them in terms of dollars. For say, a site selling web hosting for $15 a month accepting payment in crypto so it charges $15 equivalent crypto from customers. Now erase dollar from scenario. A site selling hosting directly in crypto, now what price should it charge? 0.01 BTC? 0.001 BTC? Unlike fiat, crypto aren't inflationary because their supply is limited. This will cause further problems, the crypto-only economy will fall to stand-still. It won't be possible to increase government spending, it won't be possible to increase salaries of employees, etc. because supply is limited! So concept of crypto is not the full-proof alternative to current currency system.

[hatshepsut93]

Look at Venezuela and Zimbabwe or any other country with crumbling economy - do they have mass crypto adoption? The answer is no, even though the crypto media like to report how Bitcoin is saving lives there, it's still only a very small percentage of the population that is using it, and the government is quite aware of it and takes steps to stop it - in Venezuela they've released Petro, tried to outlaw Bitcoin, police robs miners and so on.

[Adriano2010]

Will be hard for all people to mass adoption crypto and also after an economic collapse people will don't know what to do, and they will not invest on something they don't know how works and they will be afraid of losing money. We need more time and a lot of people to learn other people what is crypto and how to use it.

[BitHodler]

The price can surely go down at first, but it can recover and even increase soon afterwards if the global society finally gets sick of the mistakes and flaws of centralised systems with authorities.

The price going up or down isn't helping crypto in any way. What people need is money with a fixed unit value, where 1 unit = 1 unit regardless of what the latest forex rate is. Fiat is exactly that. Crypto is not, and might never be.

I don't have to worry about what happens today or tomorrow because I can use my money to buy what I want today, tomorrow, and the week after that. Crypto only adds problems and uncertainties as money.

I seriously believe that tokenized fiat in form of a stable fiat token is going to gain more and more ground as time goes by, because this is what offers people the convenience of crypto, and the unit value stability of fiat.

[okala]

The price can surely go down at first, but it can recover and even increase soon afterwards if the global society finally gets sick of the mistakes and flaws of centralised systems with authorities.

The price going up or down isn't helping crypto in any way. What people need is money with a fixed unit value, where 1 unit = 1 unit regardless of what the latest forex rate is. Fiat is exactly that. Crypto is not, and might never be.

I don't have to worry about what happens today or tomorrow because I can use my money to buy what I want today, tomorrow, and the week after that. Crypto only adds problems and uncertainties as money.

I seriously believe that tokenized fiat in form of a stable fiat token is going to gain more and more ground as time goes by, because this is what offers people the convenience of crypto, and the unit value stability of fiat.

Where do you keep the place of anonymous in the cryptocurrency if the price of a coin is stable and fixed 1=1 then the cryptocurrency industry will lose it potency because it design to be unstable and unpredictable, even the faint money is also unstable if you truly understand the forest market you will agree with what am saying.

[DoublerHunter]

~snip~
Unlike fiat, crypto aren't inflationary because their supply is limited. This will cause further problems, the crypto-only economy will fall to stand-still. It won't be possible to increase government spending, it won't be possible to increase salaries of employees, etc. because supply is limited! So concept of crypto is not the full-proof alternative to current currency system.

Upon reading of your giving analogy that was really good to hear on that way, I also believed that due to a limited amount of supply in crypto(bitcoin to be specific) it may divert people to cryptocurrency from fiat before economic collapse happen so that the can easily recover their fund trough converting again into fiat. Because the market always has up and down movement, it is the fundamental principle here that the supply and demand in action. When demand exceeds supply, prices go up, and when supply exceeds demand, prices go down. The resting mean price is considered to be the fair value of cryptocurrency.

[dothebeats]

Perhaps, or perhaps not. Do remember that there remains gold and silver should people want a hedge against the financial crisis. I'm more inclined to think that this incoming financial crisis will shift the world's wealth temporarily to gold and silver, with cryptocurrencies given lesser priority except for the hopefuls and risk-takers, of course. Anyhow, the next financial crisis wouldn't likely drive hordes of people into the cryptosphere and would still insist on using their obsolete fiat because that's what their governments say. One can only hope, but it simply isn't enough.

[Bonsaiav]

Since the last financial crisis back in 2008, Bitcoin has emerged as a new alternative payment system for the world. The creator of this revolutionary cryptocurrency had a good mindset since he/she designed a system free from corrupt governments’ manipulation and centralized control. The benefits that Bitcoin's Blockchain provides are numerous that can transform our economy for the better. However, there's a possibility that a next financial crisis or global economic collapse will happen in the future as Banks and governments worldwide inflate Fiat currency.

Of course, Fiat will transition towards becoming a digital currency backed by worldwide central banks. But when the next crisis comes, I believe that people will resort towards cryptocurrencies as a safe-haven for their investments.

Which is why, it makes me wonder whenever such crisis will trigger a massive adoption of crypto in the future? Any thoughts about this?

I personally really believe in the masterpiece created by Satoshi, bitcoin is unique rather than other currencies, besides because of its decentralization it also has extensive benefits and high credibility, I think this thing is what makes it resistant to shocks, especially unclear laws. However, if it begins to be associated with the existence of massive crypto adoption, I think this's far from a possibility as long as the government is still hostile to bitcoin and other cryptos.

[niteroy]

If I am not mistaken, a crisis happens every 11 years and if the last world crisis occurred in 2008, then we should expect a new world crisis at the end of 2019 or in 2020, but this is only a guess. No one knows for sure what the situation with cryptocurrencies will be, but there is a possibility that in case of devaluation of national currencies of different countries, people will start buying cryptocurrencies in the hope that they will save their money this way. In this case, national currencies will fall even lower, and Bitcoin will rise even higher.

[Juggy777]

If I am not mistaken, a crisis happens every 11 years and if the last world crisis occurred in 2008, then we should expect a new world crisis at the end of 2019 or in 2020, but this is only a guess. No one knows for sure what the situation with cryptocurrencies will be, but there is a possibility that in case of devaluation of national currencies of different countries, people will start buying cryptocurrencies in the hope that they will save their money this way. In this case, national currencies will fall even lower, and Bitcoin will rise even higher.

Hey crisis doesn’t have a fixed date they happen due to people not learning from their past mistakes, also there’re certain events which may trigger crisis this year. The most notable event is Brexit which shall plunge the European nations into chaos, there’s not much clarity what happens to the workers and students who stay back. The second crisis I feel is from the Asian country India, where if the ruling party is not elected markets shall crash badly, third and lastly if Kim launches a missile again we may just witness a global war.

[Indamuck]

I don't think the masses are ready for crypto adoption yet.  There is just too much risk for the average user, once your funds are stolen there is no chance to get them returned.  Average people are dumb and they don't want to be in charge of their own security, they feel safer with banks and credit cards.  I don't agree with them but this is how average people think.

[Abiky]

I think it will trigger massive bitcoin adoption but maybe most of the adoption are coming from the millennial who follows technologies. Regular people especially from third world countries will stick to their old school ways of investment such as Gold and Silver.

Agree. Millennials would be the first ones to embrace new technologies. Due to this reason, it's very likely that they'll quickly get into crypto once a global economic collapse takes place in the future. On the other hand, most people from third world countries don't have access to the Internet which leaves them with only Gold and Silver as the only options to preserve their capital.

Still though, I believe that a massive downfall in the world's economy would allow cryptocurrencies to replace Fiat as the new money of the world. Given how banks and governments have become interested in Blockchain technology, I suppose that they will come up with a new digital currency solution for the world in order to solve the financial crisis. Since Blockchain tech is extremely cheap, yet efficient, it'll be such technology that will transform our economy for the better in the future.

Back in 2008, when there was a financial crisis worldwide, it wasn't a coincidence that Satoshi came up with a solution that's free from middlemen or third parties. It was for a reason, and that is to make people trust a system backed by math instead of corrupt entities.

Nonetheless, time will tell us what will happen within the next financial crisis whenever crypto will become more popular than ever, or government's digital currencies will reign supreme. Just my opinion

[Malsetid]

I don't think the masses are ready for crypto adoption yet.  There is just too much risk for the average user, once your funds are stolen there is no chance to get them returned.  Average people are dumb and they don't want to be in charge of their own security, they feel safer with banks and credit cards.  I don't agree with them but this is how average people think.

Imagine of a massive economic collapse happened though? Fiat crashing, banks closing, finacial institutions in disarray. Would these aversge people look for an alternative? I think some will be open to it but most would just be looking for things ti settle down and normalize instead of embracing a new system.

[bonker]

Since the last financial crisis back in 2008, Bitcoin has emerged as a new alternative payment system for the world. The creator of this revolutionary cryptocurrency had a good mindset since he/she designed a system free from corrupt governments’ manipulation and centralized control. The benefits that Bitcoin's Blockchain provides are numerous that can transform our economy for the better. However, there's a possibility that a next financial crisis or global economic collapse will happen in the future as Banks and governments worldwide inflate Fiat currency.

Of course, Fiat will transition towards becoming a digital currency backed by worldwide central banks. But when the next crisis comes, I believe that people will resort towards cryptocurrencies as a safe-haven for their investments.

Which is why, it makes me wonder whenever such crisis will trigger a massive adoption of crypto in the future? Any thoughts about this?

It depends on when it happens,if it is gonna happen in near future then no it will not going to convince many people that cryptos can be good way to save us from further collapses because people still don't have enough knowledge about what is bitcoin.

[ausbit]

~snip

In the third world, there are lots of people there are that are making use of internet, but whatever . I think the most important thing (best thing) anyone can do for themselves is getting a better job. I do see some people that say they rely on cryptocurrency, that’s funny to me, cause I really don’t know how people manage to make a living out of cryptocurrency, and I don’t really know why anyone would be considering cryptocurrency as a job.

I don’t think global economic collapse is going to happen. And not many people trust in bitcoin, there are other options people might go for, since they believe that it would be a better option for them than bitcoin. If you decide to choose bitcoin as an option for saving your wealth, anything can happen and the price will drop and you would lose your money. So, are you ready to take such a risk?