Will the next economic collapse trigger massive crypto adoption?

[Shenzou]

If we see the economy goes to shit again, why do you think that people will relay on cryptocurrency to hold it up, i mean bitcoin and all the other currencies are pretty unstable and unpredictable and making them a solution to the economy at the state that they are now would be a foolish move, if the people were to resort to cryptocurrency they would create a new digital currency based on the fiat if the banking system would fail.

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[magneto]

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 wouldn't be surprised if it did lead to an adoption wave. Though, there is no real way of actually predicting the nature of the next crisis, the magnitude, and the nations it hits.

If the economic crisis led to a virtually unusable/unstable fiat currency then it would be apparent that people will seek an alternative medium of exchange, since the fiat currency they are familiar with would be crumbling in value on a regular basis due to rampant inflation. It's not an impossible scenario by any means, just look at Argentina in the past, Zimbabwe, and now, Venezuela and Turkey.

Previously, people may look towards precious metals as a store of value in that kind of scenario, but I think that this time round in an inflationary crisis people would still want to transact normally without the hassle of physical transactions, whilst maintaining the currency's independence from fiat - which bitcoin orchestrates.

So in theory, yes, adoption should increase as people lose trust of fiat, but the extent at which it happens will depend on how the crisis itself pans out.

[vintages]

I personally feel it has to do with trust and the psychological well-being of the people then. We all know that many people believe in fiat, so if fiat fail them, will they be that psychological stable to trust and put all their assets in cryptocurreny? They  may likely go for gold, silver and diamond that have always worked in the past.
Though, it also depends if Bitcoin have create a huge impact on the world prior before the supposed economic crisis. Since they have seen it work and have considerable trust in  it, they might opt in for it thus causing mass adoption.

[BTCevo]

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.

So you are saying that bitcoin can't never be stable because of the slowly of the adoption? What I do know is that bitcoin can't never be stable because there is always supply and demand, as long as the supply and demands keeps on high and low then it will never be stable no matrer what happens. So if there is some adoption which can be stable the price then it will not worth to be traded anymore

[shoreno]

Yes collapse can trigger a massive adoption  because this attracts alot of potential investors as well as existing crypto investors  . the harder the collapse the more coins they will buy  but aside from that , the pump or the bull can also attract investors to invest more and they wont mind buying the coins at a higher price because in their minds they think that they can still recover the money that they  put on   .  there are still alot of factors actually that can trigger mass adoption not only these two  .

[klaaas]

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.

If you take the bitcoin value against fiat it could be that way. But if you can trade a amount of bitcoin against xx goods  it could be sustainable next to fiat.

It is a trigger but not see it happen massively.

[Kakmakr]

In most instances like this where a economy fails for some reason, people try to shift their wealth into some kind of safe haven like Gold or Silver and with the introduction of Bitcoin, this might give them a new store of value and a new safe haven to hedge their possible losses.

We have seen this happening in Greece and Zimbabwe and also in Venezuela, so it is not unlikely that it would happen with the next big financial collapse in one or more country in the future.

Bitcoin has been a good store of value in the previous years, but it is still more risky than Gold and Silver and it has the advantage of being easy to store and also easier to shift from one country to the next. <This is good in countries where the whole economy collapse and you need to relocate to another country without all the capital control restrictions.> 

[GunsLair]

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.

If you take the bitcoin value against fiat it could be that way. But if you can trade a amount of bitcoin against xx goods  it could be sustainable next to fiat.

It is a trigger but not see it happen massively.

That's right. If, during or after the crisis, a mass adoption and distribution of cryptocurrency occurs, then there will become places in which it will be accepted and exchanged for goods or services, without being tied to fiat.

[Ailmand]

People and the economy could adopt cryptocurrency in the future but it doesn't mean that we have to eliminate fiat. Bitcoin could be used in trading goods and services but it will never replace fiat. If there will be an economic crisis in the future, we could have cryptocurrency as a support system and I'm sure that it will be a big help in rebuilding the economic situation.

[Febo]

Will the next economic collapse trigger massive crypto adoption?

Who claims it will not help with adoption is totally wrong. But I would not expect just a switch form fiat to crypto. Next financial crysis will just accelerate the adoption. Some countries will be ahead other will stay behind.  I personally only hope that this financial crysis come as late as possible. So Bitcoin will be way more ready for it as it is right now. I really dont want it this or next years. Please!

[cryptjh]

I think that bitcoins will be seen as a safe haven for storing value, that otherwise would be wiped out in hyperinflation, the central banks can only print their way out of a collapse on the stock market, so hyperinflation would hit hard next time we see a big economic collapse.
So I think a lot of people will try to buy some crypto, and those who can afford it will choose bitcoins.

[usorin]

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?

In crysis people are in search for viable options and i believe the altcoins offers an alternative to the fiat coins any time.

[Rune]

having a economic crisis does not automatically mean people will invest into crypto more it depends.
We did see some countries with currency problems using bitcoin as a safe haven but that was only because it was only there small country with the problem
if USD goes under its a much bigger scale and I don't think you can expect the same situation.

[Abiky]

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?

Yeah. It's nearly impossible to live off cryptocurrency these days, especially when the market is so volatile. The same way as you, I can't understand why there are many people saying that they can live off cryptocurrency. I believe that only people who live in third world countries will live a good life by relying only on crypto as a single source of income. As for the rest of us, it's better to find a real job that has a good salary capable of satisfying our daily needs. By combining a real-life job with crypto, you can live a better financial life like never before.

As for a global economic collapse, I believe that there's a possibility of it happening again in the future. After all, several countries are ending up in unpayable debts and high inflation which is terrible for their economy. If by any chance a financial crisis happens again, you could rest assured that people will look for alternative ways to preserve their money. Crypto seems like the way to go, although many people are still skeptical about it.

Nonetheless, it's true that crypto has a high risk of becoming worthless over time if it loses mainstream adoption. If that happens, then the only safe-haven against a global economic collapse would be Gold as a stable, store of value. Just my thoughts

[nur rochid]

having a economic crisis does not automatically mean people will invest into crypto more it depends.
We did see some countries with currency problems using bitcoin as a safe haven but that was only because it was only there small country with the problem
if USD goes under its a much bigger scale and I don't think you can expect the same situation.

like Venezuela that has run it. they are like no other option to improve the economy. using crypto will certainly improve the situation, because the price of crypto is falling and they legalize it

[jak3]

I believe cryptocurrencies are good assets for someone to work for their passive earning way. It's always good to take precautions instead of waiting for the economic collapse to happen. Yes, crypto coins will save you but not many people even know how to trade or use these digital coins efficiently. you simply can not rely on the coins for your survival but it can surely help you in your bad times if taken the good decisions.

[Netnox]

I am an user of this forum for the last 7 years. A lot of times, such claims were made here. A similar claim was made after the Cyprus bank haircut. But there was no major boost in Bitcoin adoption after the haircut. More recently, such claims were made during the crisis in Venezuela. But once again, I could not notice any major changes in the adoption patterns.

[incomefromcoins]

if we see the hyperinflation situation in South American countries like Venezuela and Argentia and Brazil we should understand how important crypto adoption for such countries to survive.Coming years we see crypto will play major role in country economy

[mersal]

Yes definitely the possibility is there for Crypto adoption while the economic tragedy will happening in this world but not sure about the changes have been happening now but the future will definitely go anywhere at that time the possibility of your statement will be available .

[Barbut]

OP is legendary member, I must remind him about few years ago, we had talks about the same thing here on forum. I believe that every person disappointed in banks will join blockchain, and you know what, there are many people disappointed in banks currently and entire economy system.

if we see the hyperinflation situation in South American countries like Venezuela and Argentia and Brazil we should understand how important crypto adoption for such countries to survive.Coming years we see crypto will play major role in country economy

I think that country from that continent will make some changes faster than others. Argentina made a bald move with announcing that they will follow every investment that binance make. From Venezuela we have many kind of news, looks like they are very crypto oriented. I think that cryptocurrencies will play major role in global economy in next 5 years.