Will the next economic collapse trigger massive crypto adoption?

[Kiweikoo]

The best time for crypto adoption is when there is economic crisis in a country, the way we are going to see a massive growth in the price of bitcoin will be so alarming, because the demand of bitcoin will be so high, and following the law of economics, the lower supply and higher demand in the price of a crypto will cause the price of that cryptocurrency to grow massively, I know that in the next few years to come, we might see the price of bitcoin at $500,000.

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[Russlenat]

I think will make the economy move to crypto adoption. The bank played a vital role on the last economic collapse.
By introducing a P2P credit system, which uses blockchain tech. The credit system shall shift from a tradition banking system to a P2P, with these cryto shall be made available to the economy.

[Artemis3]

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.

We did not adopt it, but some of us are using it either to take refugee from garbage fiat, or to get access from to foreign currency. Petro failed due to its absolute centralized nature (and empty promises by a gov most of the world doesn't recognize anymore). The police is corrupt and criminal, laws are irrelevant. Mining wasn't illegal when they started extorting, kidnapping and ransoming miners, they simply did it to obtain money. No one can go against the police or the military, there is no rule of law and it only matters how closely tied you are to the de-facto gov. If they hate you, they simply fabricate anything and you can do absolutely nothing about it. A medieval court would probably be more fair than whats left of the justice system here...

Crypto probably IS saving lives, but its not being widely adopted, sadly. Zimbawe after years of Mugabe's stubbornness, finally lost its fiat. It is very similar to what is going on here; but instead of crypto they adopted the USD as national currency. Politicians are incredibly idiotic regarding economy, their absolute lack of understanding the most basic concepts is baffling. They think supply & demand to be sort of "ideological" myth... It is THAT bad.

[S4VV4S]

If you really think this will happen it will encounter so many problems. First Bitcoins stability the hype will start again people will be buying bitcoin and the value increases, what if the value decreases immediately for sure many people will complain about it. If this will really happen in the future. Crypto world must be ready.

And I believe it will happen in the future, the next economic will collapse so trigger massive using Crypto in the people lives. We can see now the industry 4.0 has been using the internet for transaction so that the potential use of Crypto for transaction will be even greater.

[playboy654]

If the economic collapse has definitely happened there is something need to be adopted by the country and the chances are always higher for cryptocurrency to get involved in it and we have make the chances to be improved by getting connected with paper currency all the time.

[Dart18]

It could.

It is either gold or bitcoin which is their scapegoat.
I dont see them going back to real estate if equities and bonds will be down.
They need one which will have a value of USD and gold is number one to that. It could bloat the value of both bittcoin and gold while on the other hand fiat currencies will take a big plunge.

[akram143]

There are so much of things that to be created by the use of Bitcoin so this kind of economic disaster will also been easily solution given by bakain only so we can make the changes through the Bitcoin in our economy and it is the only possible where available now

[D3m1r4wanti]

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) 😉

it seems like what you say is in line with my thinking so far, namely why some people choose crypto currency as their investment material, or why are they more interested in transacting with crypto currencies?
and now I have received an answer, because they do not believe in the government of their country.

[AztecGoldHero]

deffenetly it will happen, because people will try to seach a secure thıngs to save theır money that goverments cant touch, crypto gıves that problem a solutıon, as we saw at the past people can start buy crypto if we see an economıc crisis, we saw it in venezuella, we saw it in iran, as ı remember at iran btc saw 30k usd while btc was 5 k

[Xampeuu]

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) 😉

it seems like what you say is in line with my thinking so far, namely why some people choose crypto currency as their investment material, or why are they more interested in transacting with crypto currencies?
and now I have received an answer, because they do not believe in the government of their country.

the government wants something they can control, so they don't lose control of the economy. with the existence of bitcoin, it's natural that many governments don't approve it, because they can't control it

[loopes]

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?

People buy bitcoin because of their personal reasons. korean and japanese people buy bitcoin as safe haven because they afraid of war that maybe happen against north korea, african people buy bitcoin to optimize their profit and American people buy bitcoin because they think it is good investment for their retirement. I think if the world economic is collapse then the purchasing power of people will be decrease so maybe the demand of bitcoin will be decrease as well, that's my opinion. I hope the world economy will always fine.

[wuvdoll]

I think it all depends on us getting ready for something like that. They say luck is preparation meeting opportunity, when the next collapse happens (there is always one for sure) and we are not ready than the crypto adoption could probably stay around the same or maybe we will attract couple more smart people to the cause and that's it.

Nonetheless, if we get ready and find easier ways for adoption like debit cards getting more famous or mobile phone app payments and all that than we can totally get a huge number of people into bitcoin world, all it takes is us getting ready for it before the collapse happens, 2008 was a big one, we had a mediocre crisis in 2018 as well, nothing too small but not as big as 2008 and it didn't really affected, so we gotta get ready much better for the next time.

[Virtual miner]

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?

This crash which you are talking about must be too big. Big enough that fiat of all the countries & economies should be affected by it. Moreover, such a crash should also highlight the way it could be prevented by using cryptocurrencies. Because generally most of the crashes occur due to rampant increasing debts defaults as we saw the one in 2008. Moreover, in fiat the government has the control so it can even take some preventive measures to reinstate from the crash but the same cannot be done in case of cryptocurrencies as it moves with the market flow & forces.

[shesheboy]

If you really think this will happen it will encounter so many problems. First Bitcoins stability the hype will start again people will be buying bitcoin and the value increases, what if the value decreases immediately for sure many people will complain about it. If this will really happen in the future. Crypto world must be ready.

its normal that some people will complain about the fall of the price but others will accept it because they are glad that they can buy or invest in bitcoin again . though i dont think that the economic collapse will trigger a hype because people will be having a problem with cash  . they cant buy cryptos but they will rather sell their cryptos  . the only way that i think that can trigger massive adoption is the acceptance of government and the spreading of the word cryptos  .

[Donceng]

if the financial crisis occurs, of course, everyone will look for alternative ways to stabilize the economy they have, and bitcoin is the right target to be able to help stabilize the economy they experience. Large-scale adoption of bitcoin will occur because there will be many people who start using bitcoin as an alternative to overcome the economic problems they have

[samputin]

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

Right. We are not really sure if bitcoin, by that time, will be as all time high as ever. There is no guarantee. Hence, people might not take the risk of investing in such due to uncertainty. What's more certain for them would be the long considered 'safer asset' especially during economic turmoil—GOLD. But let's just hope that the odds will be in our favor so that when recession comes, our beloved Bitcoin will thrive.

[Indrawan77]

I think yes is a sort of way, for the one that already know how crypto works will definitely invest in crypto to avoid inflation and to secure the wealth when the global crisis coming, even without the global crisis the number of investors are increasing every day, but the fear of people facing the crisis will surely increase the adoption

[qiwoman2]

Whenever there is a huge economic crisis or war, people usually tend to want to invest in Gold and other assets in general of the same variety. On the other hand, the Younger Generation of Millennials might want to opt out of the traditional way of doing things and want to start hoarding Bitcoin or other Major Alts as they can find it easy to move around if they need to move countries in a more volatile world. I always say to my Parents, it's good to have some Bitcoin aside, in case of a war if it breaks out here as we live in a region with quite volatile neighbors, even though I am not a millennial myself.

[calandra78]

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?

like venezula when they economic colaps, they change fiat to cryptocurrency. but, they have high inflation and crypto can't help.

[maydna]

I don't think the government will allow with easy for people who want to use crypto especially if the economy will collapse because when people using crypto, then it means the government cannot control the crypto, and I think the government will have some income from people which is the tax. But they can make their own crypto like the existing coin we knew before, and they will introduce their coins to the public so people can try and use their coin as the main coin.

But on the other point, that could be possible to happen especially if the economic collapse does not happen to the big country only, but it's happened to almost all countries in the world. And if that is happening in almost all countries, then we will have a big demonstration from citizen because they want to see a changing in the economy sector.