What if bitcoin was exist in world Financial crisis of 2007–2008?

[Cryptornd]

comment your ideas below what if??

[franky1]

then some first adopters would be rich now.

people with houses would have still lost their houses. but if you held bitcoin early at a $0.01c rate then(imagine price was same as 2009 rate). and sold now. you will be happy with that choice.

people buying now at the $20k rate will be happy in a few years when bitcoins underlying value increases that wiil support and push the prices up in the future

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the financial crises would still have happened. bitcoin is not meant to replace fiat. but it would have helped people have another financial escape away from fiat to store wealth

[Cryptornd]

then some first adopters would be rich now.

people with houses would have still lost their houses. but if you held bitcoin early at a $0.01c rate then(imagine price was same as 2009 rate). and sold now. you will be happy with that choice.

people buying now at the $20k rate will be happy in a few years when bitcoins underlying value increases that wiil support and push the prices up in the future

.
the financial crises would still have happened. bitcoin is not meant to replace fiat. but it would have helped people have another financial escape away from fiat to store wealth

Ok Then. let's ready for same kind of financial crisis in next  years. Lets See what people would do there.

[darkangel11]

It would probably lose a lot of value and then rise from the ashes like Amazon.
People divide stocks into value companies that offer low risk and low reward and emerging companies, that are the opposite. Out of those more risky companies some evolve into value companies over time and that switch is where you make the most money. We can see cryptocurrencies slowly becoming less risky as more money flow into the market and people learn on their mistakes so if we had Bitcoin for 2 or 3 more years we'd be higher on the adoption curve and could expect lower volatility.

[sheenshane]

the financial crises would still have happened. bitcoin is not meant to replace fiat. but it would have helped people have another financial escape away from fiat to store wealth

I tend to agree with the bolded part above, remember that this wasn't a goal by the creator of Bitcoin and it wasn't created to fix crises even if it's existed during a recession or during a financial crisis.  Instead, it was created to make people have a choice regarding privacy and have freedom over the traditional banking system.  This wrong perception of Bitcoin should stop that Bitcoin was the answer to the world financial crisis.

If Bitcoin does really exist during there's a recession that year, it might be you're a very rich person right now because you're storing the value of Bitcoin

[jackg]

It's probably have followed a similar trajectory as stocks did and other assets back during the financial crisis. There was chaos at the start of it with a lot of things collapsing but then a lot of growth thereafter - a lot of strong companies survived the recession well leaving weaker ones behind or absorbing them in some cases.


It's interesting to see what happened to established companies in the dot com bubble crash, quite a few of them remained really stable throughout it (and others that were established had really volatile pricing but really stable incomes).

[amishmanish]

Had bitcoin existed in 2008 -9 crisis there could have been several possibilities. Bitcoin bonds might would have been used as hedge for falling fiat. People might would have shifted from fiat to bitcoin for protecting their funds amidst banking sector crash. The banking sector by now would have been partially replaced by bitcoin based networks.

[SquirrelJulietGarden]

Not all early adopters can rich. They either lost their Bitcoin or sold it with very cheap price. From one of early adopters, we have Laszlo Hanyecz who wanted pizza and sold 10,000 Bitcoin to get 2 pizzas. He made history for Bitcoin community as his trade is a first time, people can sell Bitcoin and get something in life.

That historic trade caused a better belief in future of Bitcoin. If you can not sell Bitcoin for Coke, gold, fiat, you can sell it for pizzas. After more than 10 years, today you can exchange Bitcoin for many things: fiat, other cryptocurrency (altcoins), giftcard, voucher and more

[darkangel11]

Ok Then. let's ready for same kind of financial crisis in next  years. Lets See what people would do there.

What can they really do?
You buy less in a recession, you save up more money and those who are rich invest. Some say recession is a wealth transfer from poor to rich. The rich are going to be buying everything from those who get bankrupt, lose their jobs, their houses. The real estate, gold, bitcoin don't lose value, but there can be a wave of people who need to survive and those people can flood the market with all their luxury goods and savings: cars, stocks, houses... they're going to be exchanging the house for a 50m apartment. Their v8 car for a family van and selling their bitcoins to pay the loan before their bank takes them to court. If it goes that far you better make sure you have enough savings to survive a year or two without having to sell any of your stuff and you'll do better than 99% of people.