Will the next economic collapse trigger massive crypto adoption?

[Abiky]

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?

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[darklus123]

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

[NavI_027]

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.

With the current state of our economy, that is not impossible to but I do really hope that it will not happen because poor and developing countries will definitely suffer.

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?

Let's don't get too far, ever hear about the hyperinflation in Venezuela? Their national fiat is now almost valueless and their countrymen is now shifting to the use of crypto (btc to be specific). In my perspective, there are disadvantages regarding that adoption because they are now losing one of the trademarks of their country due to a clear sign of poor economic status but the brighter side is they are surviving and giving us a glimpse that the concept of blockchain technology for the whole wide world is not so bad at all.

[alisafidel58]

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 have no doubt that if that scenario ever happens again I think there will be a mass adopt for the cryptocurrency, not just bitcoin. People will look for an alternative asset that cant be affected by the downfall of a countries economy and that is cryptocurrency.

[Bitinity]

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.

[vv181]

Cryptocurrency compared to an asset like gold and silver are way more 'speculative' and a brand new invention. Even though we are all aware of the potential of the trustless nature and decentralization system, Mainstream not yet reach those steps of understanding. So, I doubt Bitcoin will magically becoming the lifesaver when a crisis occurs. People are lost their hopes, so physiologically I assume they will prefer to choose a trustable gold and silver.

[talkbitcoin]

during a financial crisis people always look for more security specially because they are scared by that time due to the events that led to that crisis itself which was mostly due to their bad investments like what happened in 2008 where banks fucked up the world.

cryptocurrencies, mainly altcoins are considered the super duper ultra risky investments in the whole world. which means people will stay away from them and we can easily see a very large scale altcoin dump if a crisis like that happens.

i would separate bitcoin from the herd though because it IS different and unlike most altcoins it is decentralized. so for example if 2008 repeated and banks were going down, they will pull out of a lot of these coins that they helped create like Ripple and Ethereum so you can be sure of their demise.
and at the same time it means a stronger bitcoin due to all the altcoin dump, the people exiting their corrupted financial systems to a clean decentralized system that has never seen any traces of corruption by banks,...

[okala]

Bitcoin is parr of the economy whether the government recognized it or not because bitcoin operate within the world economy in generality, if there is any economic crisis I believe it will also affect bitcoin because if the economy is down as a system it will rob on bitcoin that is how the system theory work's.

[Crypdon]

When people lose faith in governments and people they will switch to software and algorithms. Bitcoin cannot be controlled by incompetent governments, and will therefore be a safehaven (as will monero) 😉

[Reid]

I've read something similar about this.

When a financial crisis suddenly comes where will they go to save the value of their fiat.
When that happens something gets stronger. It was gold that was soaring.

Now, there will be a division that will happen.
The trust rating of gold is still high and there is no doubt about that. But if you give people another option then they might really go for that since they just dont want history to happen again.
Something new shoudl be used.
Bitcoin is just here ready for that. They dont need any paper works or any documentation to buy it.

[BobK71]

First, we have to ask, why do financial crises come?

Do they come when investors lose faith in some asset (e.g. stocks in 1929, bank deposits in 1931, and mortgage backed securities in 2007-8?)  Not really, because loss of faith happens all the time, and the elites are usually able to prop up important assets somehow.  What was special about 1929, 1931, and 2008 was that the assets were so highly and deceptively inflated, and the loss of faith so widespread at that point, that the elites decided to abandon important assets and only protect the core assets (e.g. money market funds and the dollar.)

The Western elites have a lot of power, but can't fight the entire market. And due to the incentives built into the state-bank money system, the elites will profit from destabilizing their own system, until they're fighting the entire market, at some point.  So financial crises always comes, eventually.  (This is different from the Chinese empire around 1000AD, where the elites were able to prop up their paper money by executing anyone who transacted with anything else.  Chinese power was centralized while today's Western power is fractured.  And China went to physical silver eventually, anyway.)

Traditionally, gold and silver went up pretty soon after a financial crisis, if not immediately.  This was really a devaluation of state money against 'hard' money as part of the managed retreat that the elites use to deal with a very bad situation from their point of view.  This has been how they kept their core power, i.e. their ability to issue the global reserve currency (the dollar, today.)  How they kept the public's faith in their currency was that, objectively, their currency became more stable after the devaluation.

Bitcoin and cryptos are a new form of gold and silver, and will go up after a crisis.  But don't expect crypots, gold, or silver to replace state money.  The whole point of devaluing against these 'hard' monies is to rescue state money.

[sheenshane]

There is a point where I think, the people will not be able to use bitcoin or cryptocurrencies as safe-haven for their investments. It is because the government won't allow people to use their digital assets and won't accept cryptocurrencies as assets as well. What I mean is, once the inflation or global crisis is there and since the people moved their investments in cryptocurrency, the government has their power to kill cryptocurrency and don't accept it as assets. It will turn out that cryptocurrency is priceless nonsense.

[whirlcoin]

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?

yes it also possible right now because the collapse with the current economy will made the people to think about the future so it may be a huge changes in their life they will definitely adopt the cryptocurrency as a part of their life.

[wuvdoll]

Adoption? Sure. Price increase? Not decided yet. Just because bitcoin gets more adopted in the near future doesn't mean the price will go up as well, the more people get into bitcoin the more volume there will be and the more volume there is the more whales have a chance to sell their bitcoins without breaking the market but at the same time stopping it from going high.

That is why I think in the end we will go up but not until we get all these bitcoin rich people out of the way first, all the Craigs and Jihan Wus and so forth that have a ton of bitcoin needs to be stopped and cash out in order for all of us to actually see a decent increase, anytime the price hits to a level of amazing value they come out and do something horrible and kill all the price increases.

[mrdeposit]

Honestly, most people are running away from crypto. Majority are not familiar with decentralization. Maybe we will see it change if it proves itself. But, for now majority are not running from the crisis, but from btc.

[carter34]

The adoption of bitcoin is hinged on the use of digital currency. I think that if we still have fiat on use, it will still be influncing the adoption of fiat and the same way in the other scene.

[gentlemand]

If you can't pay your mortgage why would you throw what little you have left at magic internet money?

If an economic schism happened 10 years down the line then it would start to possibly look feasible. If it happened today most would run screaming.

Bitcoin's rise has had the luxury of aligning with a near unbroken bull run in the rest of the world. It's still too early for it not to be a toy and a bet to most. And no one hangs on to toys and bets if times are hard.

[0t3p0t]

Massive crypto adoption during the next economic collapse is for me very possible as we can see people, banks and countries nowadays are finding ways on how they would survive the next crisis some choose gold to back their assets and some choose Bitcoin as their back up. We don't want to be affected by crisis and the best way to prevent such collapse is to adopt cryptocurrency for our safety.

[MakeMoneyBtc]

During financial crisis people look for a safe place to store their assets and bitcoin is probably the best thing for them right now. Take for example the case of Venezuela which now has over a million percent inflation rate and their economy just collapsed. Now people from there are using different cryptocurrencies just to buy food. Their government has even tried to create their own cryptocurrency but they failed.

[traderethereum]

Soon the crisis will happen, or it already happens, and we don't know aware about that. Fiat will transform into new forms and it could integrate with blockchain technology to solve the problem in the financial section. Besides that, people already have a new investment which could give them a new opportunity to make a big profit in the future. So the leader of the country should think about that, and if they are really concerned with their people, then they will try to figure out about the blockchain technology and bitcoin plus the other coin.