Will World Economic Depression Affect Bitcoin?

[uche6215]

There was a Great Economic Depression in the world and it started from 1929 and ended in 1939 which stayed about 10 years and that was the longest one ever. In that great economic depression the world ecoonomy was dis-stabilized in all areas of life and livelyhood. Banks were closed down for the long period of years, farms were destroyed, industries closed down. Live was unbearable. People died and human suffer to the core. And everythings  in life were affected no school and life became survival of the fittest.
Now this technology age and must transactions are done online without going to the bank. Sometimes we buy things without going to the supermarket or to the market square you just order from online and you received your goods at your door post without stress.
The present day ecoonomy is much more better comparing to that of 20s down. Things are make easy to use. Physical bank stress is also fading gradually to the hand of technology calls digital currency.
And bitcoin is the Father and the King of this digitalization.
So if ECONOMIC DEPRESSION happened again in the world, will it affect bitcoin with it fellow digital currencies? Because economy is the back bone of everything in the world. What affect economy affect all other things. And bitcoin is the father of digital currency.
What is your say.

[Despairo]

You're hungry and there's no one sell any foods, someone offer you either a lunch meal or a Bitcoin, which one you choose? that's what happen.

When the world suffer of economic depression, Bitcoin will become worthless because people will try to save any daily needs as much as they can. Being rich aren't their dream anymore, they dream are only to survive.

However I'm not really sure what's the affect you refer, if you mean economic depression will make Bitcoin become centralized, it's completely wrong.

[GreatArkansas]

In my own opinion, Bitcoin will be affected just in case we will have a world economic depression. But if the time will come and there are still few people that know what Bitcoin is, there will be still no good effect at all if we have few participants, they will find some assets that they believe are more stable, like gold.
On the other hand, I will still go for Bitcoin because I believe that Bitcoin is a good hedge against inflation and day-to-day use for payments besides investment.

[Dunamisx]

So if ECONOMIC DEPRESSION happened again in the world, will it affect bitcoin with it fellow digital currencies?

I doubted such will ever occur again and i believe such will never affect bitcoin network no matter how because bitcoin is not a dependent of the world economy system, it has created it's own network from within without depending on the centralized economy being controlled by the government which can be affected by inflation, recession and other natural pandemic occurrences while bitcoin has it own separate network different and independently from these, that's why you could only determines the market values through the bitcoin demands and supplies and not the other economical parameters and factors used in fiat system.

[Crypt0Gore]

Using Bitcoin as day to day payment besides investment is getting harder, I would rather just keep my Bitcoin and use other coins for means of payment you know @GreatArkansas but I will love to accept Bitcoin as means of payment more than spending the Bitcoin.

In my past struggles, I have limited my daily food just to have enough for investment, but that took an effect on me, because I got slimmer, but I was able to get what I needed, that struggle was the sacrifice, it's why I believe nothing comes easily and nothing is for free.

I don't want to think about a world where food and surviving is the only last hope left for humankind, it will be bloodier, and even bigger tech won't be able to safe anyone, I appreciate the existence of Bitcoin because that's why I am present today talking in a good mood and healthy lifestyle.

By the way, Bitcoin won't still go centralized because of the world economic depression.

[Vickysagar]

Of course it will. People will sell their Bitcoin if they'll not have what to eat, and most likely will stop buying it. Whales will be fine and will buy all cheap Bitcoin, but I don't think it will fully save Bitcoin.

[uche6215]

Using Bitcoin as day to day payment besides investment is getting harder, I would rather just keep my Bitcoin and use other coins for means of payment you know @GreatArkansas but I will love to accept Bitcoin as means of payment more than spending the Bitcoin.

In my past struggles, I have limited my daily food just to have enough for investment, but that took an effect on me, because I got slimmer, but I was able to get what I needed, that struggle was the sacrifice, it's why I believe nothing comes easily and nothing is for free.

I don't want to think about a world where food and surviving is the only last hope left for humankind, it will be bloodier, and even bigger tech won't be able to safe anyone, I appreciate the existence of Bitcoin because that's why I am present today talking in a good mood and healthy lifestyle.

The whole of the above comment is shit.  It is out of points. What you are saying there does not concern the topic or related to the content. Do well to restructure your comment.

[CryptoHeadlineNews]

There was a Great Economic Depression in the world and it started from 1929 and ended in 2939 which stayed about 10 years and that was the longest one ever.

Point of correction my friend, I guess what you meant is from 1929 to 1939 which is a ten-years difference, and not 2939, because we are just in 2023, and 2939 is approximately 916 years from today, which is a whole 9 centuries from today. So you better go re-edit that statement.

However, base on my research about the topic of discussion, I was made to understand that there were 4 major factors which led to the Great Economic depression of 1929 - 1939, namely,

1) The stock market crash of 1929 shattered confidence in the American economy, resulting in sharp reductions in spending and investment.
2) Banking panics in the early 1930s caused many banks to fail, decreasing the pool of money available for loans.
3) The gold standard required foreign central banks to raise interest rates to counteract trade imbalances with the United States, depressing spending and investment in those countries.
4) The Smoot-Hawley Tariff Act (1930) imposed steep tariffs on many industrial and agricultural goods, inviting retaliatory measures that ultimately reduced output and caused global trade to contract.

And if you are to look vividly well you will noticed that Bitcoin has absolutely nothing & no connection to do with Stock market, Banking, gold and Tariff act which were the major cause of that economic depression of 1929, which means if such ever happens again, it will literally still have no effect on Bitcoin.

Link: https://www.britannica.com/event/Great-Depression

[bittraffic]

A great depression in one region, doesnt mean all region will have depression. Just like there is dark age in EU means theres also dark age in Asia. Its just their dark age, not everyone else's.

Now that BTC is used world wide, the dumping of its price may not actually be as fatal as before. And its still not going to die as long as theres Internet.

[yudi09]

-snip-

Due to the level of economic hardship people will focus on their basic needs instead of thinking about their investment. This is where I think it will affect Bitcoin if the economic depression hits the world.
At a glance, people who have invested can be helped when economic difficulties occur. Of course, the investment I mean is an investment like Bitcoin because I feel very confident that investing in Bitcoin can be a positive solution as a pretty good hedge.

Maybe we can call 1929 an incident that was quite severe based on the history that we read from various sources so that many experts always refer to the events of that year at every opportunity they talk about the problem of high inflation to economic depression.

[Rockstarguy]

World economic depression can be a serious effect to Bitcoin, it is a state whereby nothing will be working.  When the economy is in serious crisis it affects every system, which will make things to be difficult for people live a better life.  During world economic depression, companies and institutions shutdowns or drop some of their workers, every products becomes very expensive and the only thing one would have in mind is how to survive, how to be able to provide what to eat daily. Plans of investing in Bitcoin will be far from the mind because their won't be enough money to that.

World economic depression is a disaster to humankind, when people can afford to solve their daily demand it will surely be a good advantage to the Bitcoin market. Let's use areas where the rate of poverty is high and the economy is struggling as example it is impossible for in area like this to have good adoption of bitcoin, this is the same thing as if the world should go into economic depression.  No doubt it will surely affect the price of bitcoin.

[PeRo]

Firstly, a world economic depression wouldn't affect the whole world, the one you have mentioned is US and not global, as it can't be. In todays era, if someone is in economic depression, someone else will benefit from it. It's a good question what would happen to Bitcoin, as people in crisis would sell it amongst other things just to survive. Bitcoin could have a market crash or maybe wealthy people would buy out everything and it would continue to be some kind of exclusive asset. Anything could happen really, from staying on the market to crashing to flames. Anyways, I don't think that we will see that kind of economic catastrophe.

[aoluain]

World economic depression would as everyone has stated affect Bitcoin, nothing would
escape a depression but it wouldnt spell the end of Bitcoin ^{despite what fudsters would say}

As finances would become affected there would be a high chance of people having to
liquidate Bitcoin and other assets in order to mitigate the affects of a recession, as an
example of an instance that would affect Bitcoin.

I would like to think that Bitcoin would recover quickly and possibly quicker than anything else...

[tabas]

So if ECONOMIC DEPRESSION happened again in the world, will it affect bitcoin with it fellow digital currencies? Because economy is the back bone of everything in the world. What affect economy affect all other things. And bitcoin is the father of digital currency.
What is your say.

I think so but let's just use the pandemic and war of Ukraine and Russia with the depression and it did really hapened. We can see that Bitcoin plummeted from these scenarios and yet Bitcoin still remains strong as of now. It is expected that there will be some downs because of global crises that has came. However, we don't expect that it's like this that it's been stronger than ever. Summing it up, there's the affection that Bitcoin gets from world factors and that's cannot be gone but even with that, it is temporarily happening and then it recovers up again.

[GeorgeJohn]

In my own opinion, Bitcoin will be affected just in case we will have a world economic depression. But if the time will come and there are still few people that know what Bitcoin is, there will be still no good effect at all if we have few participants, they will find some assets that they believe are more stable, like gold.
On the other hand, I will still go for Bitcoin because I believe that Bitcoin is a good hedge against inflation and day-to-day use for payments besides investment.

You portray a point that marvelled me, bitcoin is an asset and since 2009 it has been created bitcoin has been functioning effectively, and since people has known the important and the value in a society people has been investing in Bitcoin, so therefore many people will like to invest in bitcoins than in any other kind of investment and especially people that have tested bitcoin investment and notice the profit values of bitcoin.

[hatshepsut93]

A global economic crisis will reveal whether Bitcoin market participants view Bitcoin as a reliable store of value like many say they do, or if they merely view it as a speculative investment. If it's the latter, then Bitcoin will crash, because an economic crisis is not a good time to put your money into risky investments, it's a time to put your money into safe havens.

I think it's impossible to say whether Bitcoin is a safe haven or not without putting it to the test.

[Oceat]

So if ECONOMIC DEPRESSION happened again in the world, will it affect bitcoin with it fellow digital currencies? Because economy is the back bone of everything in the world. What affect economy affect all other things. And bitcoin is the father of digital currency.
What is your say.

This topic is kinda vast and complex to explain to you though but the internet are free of information if you want to know everything. On the other hand, if you want to know if Bitcoin could be affected by the great depression then IMO it depends if there's a crisis all over the world but if it's just a selected areas of the country then Bitcoin will still be fine. Although during bearish times it's not actually reliable if you just want to hodl your asset but if you use it as a means of payment/currency it does help since it was not bound to anyone that would affect their prices. The only worst part I see is if during the bear trend and great depression occur at the same time in your own country. I don't know if Venezuela is the best example to your question but IMO in kinda does.

[Darker45]

First, I don't think Bitcoin is the "Father and King of this digitalization." I believe it's the internet. Bitcoin, after all, is built on infrastructures that were already there before it was conceived. One of which is the internet.

Economic depressions will certainly affect Bitcoin in one way or another. It may not affect Bitcoin as in the protocol, but it will certainly affect its price. And the price of Bitcoin matters. After all, it's a currency. The purchasing power of Bitcoin may fall. What you can buy today with 1 mBTC you might buy with 0.5 BTC under a severe economic depression.

[BlackBoss_]

So if ECONOMIC DEPRESSION happened again in the world, will it affect bitcoin with it fellow digital currencies?

It will affect Bitcoin when official announcement of World Economic Depression is announced by IMF and spread on social media. Such announcement, report will cause massive fear and panic as well as uncertain, chaotic responses on the market which won't be good for market and Bitcoin price.

Because economy is the back bone of everything in the world. What affect economy affect all other things.

Bitcoin is stronger than fiat currencies in its supply scheme, less inflationary and in future it will become deflationary. What affects fiat currencies, the world economy will affect Bitcoin short term but in long term, purchasing powers of fiat currencies and Bitcoin will be oppositely.

And bitcoin is the father of digital currency.

It's not a father of digital currency.

[EDUCATION] The Origins of Bitcoin
The Cypherpunks and Bitcoin. The years before bitcointalk.

[20kevin20]

I think Bitcoin will continue to be an alternative system to fiat (which will probably be failing badly during a depression) but it won’t be the savior for us. During very bad times what matters most to the average Joe is survival. It’s eating and ensuring the day of tomorrow. That means Bitcoin won’t matter as much as the food of tomorrow.

Unfortunately, no matter how we flip and spin it around, the rich will continue to have a veery big advantage during these times and they’ll accumulate wealth so when depression’s over they’re richer. It’s been like this for centuries and I really doubt it’d be different today.

Of course Bitcoin will be affected! An economical depression will make anything that isn’t 100% safe disappear from the people’s mouths for a while, including Bitcoin. Say whatever you want, it’s still digital and during hard times you won’t be thinking about electricity and mobile data plan bills. You’re gonna want to just survive and that’s it. So yea, the rich would just buy more, the poor will sell to get food tomorrow and that’s how wealth inequality grows more than ever before.