If the global economy collapses what's the first thing you do?

[Inwestour]

Yes. You're right. Recently there have been very drastic changes in development. The dynamics of the global economy and conditions like the one you describe may have already occurred and are currently running slowly and steadily and this is something you need to be especially careful about. with our current financial condition still being burdened by various things, for example the rising price of fuel oil, rising food prices and so on for our daily needs.

So what is needed is anticipatory steps, namely independent efforts to mitigate this. What is certain is that everything must be prepared from now on to face the impact of world economic turmoil and if we have savings of at least 1 BTC, it will be very beneficial in the future.

It seems to me that despite the difficult economic situation, the world economy has not yet reached its lowest point, so everyone should think about having some savings, so that they will last for a while. Inflation is growing and this process will be difficult to stop, an increase in the money supply cannot lead to a different outcome, this is the basics of economics. You need to hope for the best, but be prepared for the worst, it is quite possible that the global economic collapse will lead to many people being left without work and if you do not have any means of subsistence, then these will be very difficult times.

[khiholangkang]

More logically for the collapsed global economic situation is to save first what can be saved, and I think if our situation is difficult in daily life, then the greatest is likely to melt existing assets to survive with family, because average The average condition when the world economy is experiencing the threat of bankruptcy will make Bitcoin fall down.

But if Bitcoin is a concern when the global economy collapses I think to keep holding Bitcoin and waiting for several more periods to get a large profit, in other words you have enough finances for your needs, I think it is an intelligent step.

[Tony116]

So, how do you explain last year's bitcoin dump when inflation was at its highest in 40 years, and the economic crisis is still causing so much trouble for us today? Why isn't bitcoin skyrocketing to help us beat inflation? Bitcoin is still a risky asset and people are willing to sell it if a crisis occurs so I don't think it can help us get through the economic crisis.

Last year is 2022, right? If you understand the 4 years cycle of Bitcoin, you must know it is the first year of bearish season. How do you expect the Bitcoin to skyrocket during the bearish season? It is something strange, buddy. Although we have a severe economic crisis, no chance for Bitcoin to create ATH or skyrocket in the bearish season. I personally think it is all about the period of bullish or bearish season.

2018= bearish season
2019 = bearish season
2020= bullish season
2021= bullish season

2022= bearish season
2023= bearish season
2024= bullish season
2025= bullish season

I don't forget that coincidence, but can you explain to me, why every time the Fed announces rising inflation and every time they raise interest rates causes bitcoin to correct? Is it another coincidence or is the real impact of the crisis weighing on bitcoin? I still remember every time the government announced that inflation continued to increase and the Fed continued to raise interest rates, the entire financial market was in the red, not just bitcoin. So, I'm pretty sure that without the bear season, bitcoin wouldn't be able to avoid the negative effects of the crisis, let alone assume it would increase in price to help us get through the crisis.

Until now, bitcoin is still considered a potentially risky speculative asset, not a safe haven. We should accept this reality because we are only at the beginning of the bitcoin revolution.

[danherbias07]

My wife still has her gold in case we are having a hard time getting money and I doubt a sudden shift down will happen to that asset. But, we already talked about that in case it happens and we will save as much as we can right now, buy gold for her and Bitcoin for me and we won't just sell it unless there's an emergency in food shortage or anything that requires us to live. Of course that includes our health, especially.
I actually am happy that even in the pandemic we are not forced to do that although we really felt the hard times without food and we cannot go out due to restrictions. I mean, that is actually the point where we should use all those assets, and yet we survived. I guess I could say we already have the experience on what to do so it won't be hard the next time the economy breaks down again.

[sompitonov]

My wife still has her gold in case we are having a hard time getting money and I doubt a sudden shift down will happen to that asset. But, we already talked about that in case it happens and we will save as much as we can right now, buy gold for her and Bitcoin for me and we won't just sell it unless there's an emergency in food shortage or anything that requires us to live. Of course that includes our health, especially.
I actually am happy that even in the pandemic we are not forced to do that although we really felt the hard times without food and we cannot go out due to restrictions. I mean, that is actually the point where we should use all those assets, and yet we survived. I guess I could say we already have the experience on what to do so it won't be hard the next time the economy breaks down again.

You are lucky that you have BTC and deferred gold. I think that more than 90-95% of the population don't have such savings, because they live from paycheck to paycheck. I hope you don't tell this to your relatives, friends and neighbors. Because if these dark days come then they know that you have gold and BTC. Pardon me for being blunt.

If it gets really bad, which I wouldn’t want, then I will have food security for my family because I learned to grow various products on the land on my own without depending on anyone.

[AmoreJaz]

More logically for the collapsed global economic situation is to save first what can be saved, and I think if our situation is difficult in daily life, then the greatest is likely to melt existing assets to survive with family, because average The average condition when the world economy is experiencing the threat of bankruptcy will make Bitcoin fall down.

But if Bitcoin is a concern when the global economy collapses I think to keep holding Bitcoin and waiting for several more periods to get a large profit, in other words you have enough finances for your needs, I think it is an intelligent step.

not many people can wait for long time. so for me, you need to have other assets that you think can easily be liquidated come the desperate times. i think of gold such gold jewelries, which you can easily pawn if you need funds, or sell. real-estate is hard to dispose when the economy is going down. but if you have the agricultural land, you don't need to sell but tend your own garden and for sure, you will survive by what you can plant on your land.

[Smack That Ace]

My wife still has her gold in case we are having a hard time getting money and I doubt a sudden shift down will happen to that asset. But, we already talked about that in case it happens and we will save as much as we can right now, buy gold for her and Bitcoin for me and we won't just sell it unless there's an emergency in food shortage or anything that requires us to live. Of course that includes our health, especially.
I actually am happy that even in the pandemic we are not forced to do that although we really felt the hard times without food and we cannot go out due to restrictions. I mean, that is actually the point where we should use all those assets, and yet we survived. I guess I could say we already have the experience on what to do so it won't be hard the next time the economy breaks down again.

I think what happens in a pandemic will be very different from a global economic collapse. During the pandemic, everything was stagnant but the government still printed money to support people as much as possible, many countries even distributed money and food weekly to families, daily necessities, people support each other...But that certainly won't happen if the world economy collapses. Things will get worse than now, commodity prices skyrocket, food becomes scarce, currency devalues seriously...I imagine the collapse of the world economy as if we were living in a world war, where no one helps anyone and we have to find a way to survive on our own.

[savetheFORUM]

The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

The problem is that in the event of a real crisis, and a global one, real assets will be in demand. If we remember history, stocks, securities and other intangible assets become illiquid. Gold, cash currency, etc. are in price - assets for which you can get necessary and affordable goods - food, medicines, gasoline, ..... Cryptocurrency will POSSIBLY be bought up by speculators, investors who play "in the long run", who have surplus funds and faith in the prospects  

Someone with not much wealth will obviously have no choice but to just either keep the little cash that they have or buy gold and keep it somewhere very safe so that they can sell it when the crisis settles down and things start to normalize. However, one might also choose Bitcoin as a safe haven from all this because the price of Bitcoin will most probably not be much affected in case of a global economic crisis since Bitcoin isn't directly connected with anything.

But, since the values of different fiat currencies will surely take a plunge, people might face issues converting their Bitcoins into cash if they need money for basic necessities because the price of Bitcoin against their local currency will keep falling if the local currency isn't being able to sustain its original value.

[Haunebu]

Firstly, the global economy will never collapse and we all know why. Secondly, BTC isn't going to replace FIAT just like that if such an impossible scenario were to happen since a small portion of the global population fully trust it.

It's better to practically like something rather than blindly worship it in my opinion.

[khiholangkang]

More logically for the collapsed global economic situation is to save first what can be saved, and I think if our situation is difficult in daily life, then the greatest is likely to melt existing assets to survive with family, because average The average condition when the world economy is experiencing the threat of bankruptcy will make Bitcoin fall down.

But if Bitcoin is a concern when the global economy collapses I think to keep holding Bitcoin and waiting for several more periods to get a large profit, in other words you have enough finances for your needs, I think it is an intelligent step.

not many people can wait for long time. so for me, you need to have other assets that you think can easily be liquidated come the desperate times. i think of gold such gold jewelries, which you can easily pawn if you need funds, or sell. real-estate is hard to dispose when the economy is going down. but if you have the agricultural land, you don't need to sell but tend your own garden and for sure, you will survive by what you can plant on your land.

Yes, of course everyone will transfer their assets to assets that are easy to liquidate, however many need to be saved when the economy collapses.

It's simple logic but it's a very brilliant idea, but it might apply to people who have a plot of land to cultivate.
but that's not, as long as he understands how a hydroponic plantation system works which doesn't have a lot of land for farming, I think it can still be explained by using a small amount of land, maybe that's enough to cover needs for a while.

[Litzki1990]

Collapsing of the global economy won't just suddenly happen out of nowhere at a single day. Of course, we'll see and experience negative impact one by one before the global economy really collapses. So before that thing happen, I'd start preparing for the worse. Holding Bitcoin is one thing that could help us but we can't really say that just because we have enough Bitcoin, we're safe from the economic crisis.
But definitely with the Bitcoin I have given that situation, I will prioritize necessities.

Considering the times that are going on now, don't you ever think that a global economic crisis may be in the future? Right now you must have felt how much the price of every item has increased. I have left out the price of fuel oil essentials or everything else I am just sharing a general point, when the market was normal then surely the price of soft drinks was very normal but if you compare then market and now market then you can clearly understand the difference. Now the amount of money that has to be spent to buy a particular soft drink, when the market is normal, we could buy the same amount of three soft drinks with this amount of money. We have to be alert and prepare now.

[gunhell16]

Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Will that actually happen, though? Maybe it will happen if there is a World War III, right? Because it differs from the period of the pandemic, right? since we're discussing collapse here, right?

[dothebeats]

Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Will that actually happen, though? Maybe it will happen if there is a World War III, right? Because it differs from the period of the pandemic, right? since we're discussing collapse here, right?

Of course, it is different from the period of the previous pandemic. During the COVID-19 pandemic lockdown, the government still printed money and there are even a lot of drives that they did to ensure that they are able to support the people, especially those who were unfortunate and lost their jobs. In the case of a global economy collapsing, however, that will be unlikely as the government will have to deal with fewer supplies with the demand for help at an all-time high. As for Bitcoin being the saving grace once this catastrophe does happen, I'm not 100% sure. What I do know, however, is that it is always bet to keep hold of our assets as much as we can, especially gold. This reminds me of how my grandparents are keeping some of their golds still within their property to ensure that they wouldn't be in an all time low if even such thing do happen in the future.

[Minecache]

Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Will that actually happen, though? Maybe it will happen if there is a World War III, right? Because it differs from the period of the pandemic, right? since we're discussing collapse here, right?

Of course, it is different from the period of the previous pandemic. During the COVID-19 pandemic lockdown, the government still printed money and there are even a lot of drives that they did to ensure that they are able to support the people, especially those who were unfortunate and lost their jobs. In the case of a global economy collapsing, however, that will be unlikely as the government will have to deal with fewer supplies with the demand for help at an all-time high. As for Bitcoin being the saving grace once this catastrophe does happen, I'm not 100% sure. What I do know, however, is that it is always bet to keep hold of our assets as much as we can, especially gold. This reminds me of how my grandparents are keeping some of their golds still within their property to ensure that they wouldn't be in an all time low if even such thing do happen in the future.

The volatility of bitcoin is too high and the level of bitcoin adoption is not yet large enough, these two things make bitcoin still not a safe haven. So I agree with you that we cannot guarantee that bitcoin can save us if the global economy collapses. And you are right again, gold will always be people's first choice and priority, whether we want to believe it or not but people will certainly look for gold. Although many people will not like this fact, as an asset that has been recognized for thousands of years, bitcoin cannot be compared in terms of safety to gold.

[Finestream]

It's true that the world economy is going bollocks!! World currencies going bust and inflation invading most of the world like a swarming hoard of locusts and some will be left to wonder if the dollar would hold much value in the coming years? Well that's where most bitcoiners who are hodling will be glad they got on the moving train and didn't let FUD deprive them of the freedom Bitcoin gives.
Well, if the global economy goes bust, what will I do? I'd take advantage of the situation and purchase more Bitcoin and hold in readiness of the halving period.

The global economy is obviously heading to its downturn. So if you are wise enough, you will use that situation to increase more of your bitcoin hodlings through maximizing your purchase and do DCA as much as there are spare money left. Also, bitcoin is not the only one profitable investment but we also have some real estate and stocks, or gold investment that usually appreciates its price as years go by.

[bayu7adi]

Of course, if there is a global economic catastrophe, the US dollar will collapse drastically, and when that happens, Bitcoin will climb, and its holders will also profit since they will have large savings as a result of the economy. Bitcoin holders appear to have an alternative remedy in this situation.

Perhaps what's truly unfolding is a significant inflation scenario, where the USD and other currencies might plummet in value, making goods progressively more expensive. Those holding BTC could indeed witness a substantial increase in their asset's value in the BTC/USD pairing, and this would be entirely reasonable. BTC, after all, primarily aims to preserve value, whereas if you were to exchange it for USD, you might not observe a significant difference when using it for direct purchases.

BTC's role as a store of value during moments like these proves to be highly beneficial. However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

[Texac]

...
 However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

Most people are biased bitcoin predicting its value if the world economy collapses, no one knows what will happen at that time, it's all just our prediction and nothing is certain that bitcoin will increase in price if that happens.  like what's going on, we're in an inflationary period but honestly, I don't see bitcoin performing well as a hedge against inflation and it's also being affected by inflation.  it is difficult to make claims that bitcoin will be a good store of value or that it will be dumped if the economy collapses.

Regarding gold, even if bitcoin becomes more popular, I'm pretty sure it still won't surpass gold.  no asset can easily surpass gold, including bitcoin. Gold has been proven and recognized for thousands of years and in those thousands of years, no asset has surpassed gold.  we should be realistic to protect ourselves, not too delusional.

[$anounimus$]

...
 However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

Most people are biased bitcoin predicting its value if the world economy collapses, no one knows what will happen at that time, it's all just our prediction and nothing is certain that bitcoin will increase in price if that happens.  like what's going on, we're in an inflationary period but honestly, I don't see bitcoin performing well as a hedge against inflation and it's also being affected by inflation.  it is difficult to make claims that bitcoin will be a good store of value or that it will be dumped if the economy collapses.

Regarding gold, even if bitcoin becomes more popular, I'm pretty sure it still won't surpass gold.  no asset can easily surpass gold, including bitcoin. Gold has been proven and recognized for thousands of years and in those thousands of years, no asset has surpassed gold.  we should be realistic to protect ourselves, not too delusional.

Gold has indeed been proven to be a very valuable asset in any situation, but in the era of very sophisticated technology, Bitcoin can be a tool to protect against inflationary turmoil. Indeed, I also admit that Bitcoin cannot be used as a guide because its value fluctuates, but for me Bitcoin is the first alternative to gold.

Currently changes in the global order are very fast, I will never be fixated on just one commodity. Gold has indeed been proven and is quite safe as a hedge tool, but I will continue to read developments carefully and in a situation like the current one, Bitcoin remains a consideration because it is possible that the price of Bitcoin will rise drastically and will add value quickly even though it has quite high risks too.

[CageMabok]

Gold has indeed been proven to be a very valuable asset in any situation, but in the era of very sophisticated technology, Bitcoin can be a tool to protect against inflationary turmoil. Indeed, I also admit that Bitcoin cannot be used as a guide because its value fluctuates, but for me Bitcoin is the first alternative to gold.

Some people at this time have even made Gold the second asset of choice after Bitcoin, because placing Bitcoin in first place as an asset full of value is also not a problem in conditions like now. Moreover, if they also don't leave gold as an asset which is still good enough to have in every condition, because people who like to own Bitcoin and store it well will not really care about price fluctuations that occur in the market because they can still wait for the price to change. it's better when they care about the price of Bitcoin.

Currently changes in the global order are very fast, I will never be fixated on just one commodity. Gold has indeed been proven and is quite safe as a hedge tool, but I will continue to read developments carefully and in a situation like the current one, Bitcoin remains a consideration because it is possible that the price of Bitcoin will rise drastically and will add value quickly even though it has quite high risks too.

It is indeed time to pay more attention to several commodity assets and also to Bitcoin which has developed over a very long period of time so it is appropriate to consider and pay attention to its further developments. Because Gold will not have much more development other than on the price side which is more likely to remain stable in the long term.

[Shishir99]

I guess I could say we already have the experience on what to do so it won't be hard the next time the economy breaks down again.

To be honest, we don't know how bad it can be. We don't know the depth of the economic crash. Just imagine we have money but there is no food to buy. Or Imagine everyone has money in their pocket but money lost its value a hundred times and your $100 can buy a cake only. There will be nothing to eat. Of course, this is only imagination and I don't think the economic crash will be much worse than I imagined.

My point is don't think you have enough experience before you face it. Always try to be ready to face such situations. If you are living on a rural side, consider planting vegetables and fruit trees.