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

[Sayeds56]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

It is true that many Bitcoin enthusiasts and investors believe in Bitcoin's role as hedge against fiat based currencies and economic uncertainties. While holding Bitcoin may prove good strategy to mitigate the impact of global economic meltdown should one occur in future. However, since inception of Bitcoin in 2009, there hasn't been a widespread global economic recession , therefore how Bitcoin reacts to such situation, it is yet to be seen. It is also possible that during the times of economic hardships people may choose to sell anything they have in their possession to buy food and healthcare services for their survival.

[Charles-Tim]

Sell all the coins I have in the exchanges, thats what I would do and then hold cash.

The best would be to withdraw the coins from exchanges and move them to noncustodial wallet where you have the full control of your coins.

If you do not want to hold bitcoin, hold assets like gold instead, or invest on physical properties. One of the results of economy collapse is declination of fiat value.

[Litzki1990]

If the global economy ever collapses, I may not be able to save the economy from collapsing, but if the global economy ever goes down, I might be able to survive it.
First, we are already hearing about the impending global economic crisis, which is why we are being forewarned. Big economists often write various articles about the economic crisis, I read those articles regularly. From reading economists' articles, I get the impression that we need to be cautious. Banks can go bankrupt if global economic crisis occurs so we need to save money in a place where there is no chance of losing money even if economic crisis occurs.

Since I am involved in cryptocurrencies, I plan to store my money in cryptocurrencies, hoping that I can survive the global economic crisis.

[fruktik]

It would be so simple. I’m not sure that after the collapse of the global financial system, everyone will immediately switch to paying in Bitcoins. Too much power will remain in the hands of those who had it. They won't let everything change so quickly. There will be options in which the governments of countries will again create something unique that meets modern challenges.

There is no need to have any illusions on this issue. If it were different, preparations for this process would already be underway, but there are no signs at all. Of course, no one will tell you directly, but in today’s world it is quite difficult to hide such information.

[CryptopreneurBrainboss]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

Diversifying should be what they should be doing, if you have already bought a significant amount of Bitcoin and you're looking for other options then diversifying into real estate should be the next step. This advise mightn't be for everyone that read this comment but for those from my continent (Africa). If an economy collapse happens lands will be the only investment that can be certain to regain its value over time. Land are everlasting investment as they can't be lost unless you forgot where you bought them or the government takes it from you but still you'll be compensation veey well. Excluding bitcoin and land (Real estate), I don't see any investment that can save you in times of economy collapse.

In an event of economy collapse the first thing I'll do is to hold some cash, I'll sell some of my investment by converting them to cash and that's not because I believe in cash but because during this times things becomes difficult and a majority of our investment will lose value so to prevent we not selling them in losses, it's better we sell when they're still in profits and hold some cash that can take used through some period of the economy collapse while we look for others options.

[ultrloa]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

We see the effect of economic crisis in the world and to lucky for individuals who knows about crypto since they have another ways to earn money while something bad happen on global economy. If bitcoin is just widely introduce maybe we can see less people get affected with that situation since they can just shift their attention on crypto industry to earn some good cash while the other one is in trouble.

I'm less affected with crisis due to crypto and multiple source of income streams so best for people is to seek more ways to gain good income stream so that they would not worry about those crisis matters.

[Gozie51]

Countries of the third world are already feeling the heat and impact of devalued fiat currency especially the less technologically developed ones. Those who have moved ahead of fiat currency and hodling cryptocurrency and bitcoin are feeling less of the heat and this is a sign that a total collapse will lead to hyperinflation on the fiat value, so to hodl bitcoin, DCA on bitcoin for more will help anyone who takes such decision. Hodling fiat is now becoming a wasted idea.

[Lucius]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

If there is a global economic collapse, do you think the price of BTC will remain intact, given that there have been talks about integrating it into the existing financial system for years? And that's exactly what happened, and the price of BTC reacts to every event that has global significance, such as the declaration of a pandemic, which dropped the price of BTC by 50% in less than 24 hours.

Holding is only part of the story, what happens when everyone who keeps their value like that starts selling to cover basic living expenses, and at the same time there is little or no demand at all?

The key is diversification and understanding the risks that we need to protect ourselves from in case everything goes to hell, and I personally am not so much afraid of an economic collapse as of a possible nuclear war, considering that a lot of crazy people possess enough nuclear weapons to destroy this planet and more than a hundred times.

[inthelongrun]

Sell everything. Except maybe bitcoin and ethereum, I'll observe first before making a move. What I noticed during the middle of the pandemic is that cash is the king. Inflation may be high but it is also expected that most middle-earning investors withdraw their investments just like what happened a few years ago. Stock values plummeted so badly that it is best to sell first rather than sell it at the bottom. Many real estate, vehicles, and other properties will be sold at a discount. So for me, I'll be ready with my cash and then observe the market before starting to shop. Also, in every situation bad or good there are always opportunities but it is for us to find out.

[DeathAngel]

If the global economy collapsed the first thing you should do is focus on securing your basic needs like food, water & shelter. Check your resources & identify ways to sustain yourself & your loved ones. You should connect with your community as people coming together & supporting each other can provide a sense of stability & shared resources during challenging times. Obviously having bitcoin is great but if we are talking a true economic collapse then food, water & shelter are the most vital things.

[BitcoinTurk]

If a situation such as the collapse of the global economy occurs it is very likely that all markets will enter a period of very serious collapse. In such a situation, all investors will want to secure themselves by switching to cash as quickly as possible and serious crises will occur in the financial markets. Of course, although many poorly informed investors will think that switching to cash is the solution, the currencies of many countries will definitely be negatively affected by such a crisis. For this reason, it would be beneficial to keep some of the capital as cash in order to take advantage of the opportunities that may arise in case such a collapse period occurs.

If the global economy collapses, my first priority will be to stock up on basic food products. This is a very important factor for the continue of my life and in a possible crisis the first thing that will occur is a shortage of food products. Apart from this, since there will be various opportunities in the financial markets and cash will gain importance in the first stage, it will definitely be the right move to have some cash and to turn to financial products that will lose serious value but have potential.

It is quite normal for cryptocurrencies to lose value in the first stage after the collapse of the global economy. For this reason, first of all, I would expect people to panic sell their cryptocurrencies which they consider risky, at low prices and for the prices to reach more appropriate purchasing levels. Just like during the Covid-19 period, after some time passes after this financial crisis, cryptocurrencies will definitely gain value due to their decentralized structure. In other words, at the first stage thinking like a simple investor regulating the panic environment that people will create and then evaluating all the buying opportunities that will arise will be a very good strategy for managing cryptocurrency investments in this process.

[icalical]

If global economy collapses actually happening I don't think Bitcoin alone can help, sure the ideal situation should be the Bitcoin price surging, but there are other possibility especially if the bad economy continue for a little bit longer and people decide to cash-out their Bitcoin to fulfill their needs. All that being said, at least until now and where I live, I don't see any major sign that the global economy collapses is happening anytime soon.

[AicecreaME]

I wouldn't worry that so much I think since I live in a province, we can easily forage anything in the forest or even in the seashore, so money won't be a problem. Investment in long term like holding bitcoin is also a good thing, since fiat would be a pain in the ass because of hyperinflation.

The only pitiful people would be those in the urban areas yet doesn't have any privileged to earn enough money even when there is no economical problem yet. But I hope there's still a solution for what's happening in the world right now.

[Zigabel]

 Holding Bitcoin is still one best option to explore as Fiat will definitely be on the fall during this period, other alt coin too can be stocked as most of which usually gets a ripple effect from whatever happens to Bitcoin both in the long term and the Short term. Other investments outside Bitcoin which yield would be of great use at that time can be explored aswell so as not to get stuck amidst the economic crisis.

But in case of global economic collapse it is most appropriate to first secure basic amenities enough to last you through the period of the collapse. If you had good measures in place as preparations before the hit of the economic collapse, I think you have a good opportunity for wealth creation, expansion and further diversification as more opportunities than usual will arise for you to cease and make wealth. These opportunities can be in various forms which could include providing solutions to needs and problems that accompany the economic collapse both locally and internationally, as well make your solutions sustainable to gain long-term relevance

[viananda2525]

The collapse of the economy is not a jokes, and it shouldn't serve as a compelling reason to lure someone into buying BTC. Economic collapse sets off a domino effect, causing multiple sectors, and even entire countries, to crumble. This leaves everyone grappling with day-to-day challenges.

Inflation and food shortages become significant concerns. Frustration runs high, and people may start acting recklessly. At the point of chaos, it's not just your wealth that's at risk; your safety may also be on the line.

In my opinion, enticing people to buy BTC and capitalizing on a poor economic climate isn't entirely sound. While it's true that its price might surge during an economic collapse, you could be facing other threats to your health and security.

Hold Bitcoin only as needed for now. Don't be greedy.

Your opinion makes perfect sense. If the economy collapses then there is very little for anyone to think clearly. Capital owners will be very hard hit by the development of their business and may also find it difficult to secure their assets. The development of crypto investment has indeed been looked at by several entrepreneurs and currently, when the economy starts to look volatile, they have entered the market to invest, but still within a certain calculation.

However, if the world economy is really falling apart, then I would prefer to invest in buying land. Because if the economy falls, people who have enough food will be the winners.

[coinerer]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

If the global economy collapses then putting the money on bitcoin will be a best choice Because bitcoin is not same like fiat money. Since Bitcoin cannot be controlled by any country's government and its supply is limited, if there is a global economic problem, many people will jump on Bitcoin and because of this, the price of Bitcoin will increase even more. so then it would be a good idea to choose Bitcoin. It's not just bad times in the global economy that people are slowly becoming more attracted to Bitcoin.

[0t3p0t]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

Well honestly if the possible economic shift hit me hard, I don't think I had the  chance to defend myself with precious metal nor Bitcoin because I have none of them. 😅 As a broke guy I think I have to find good ways to just survive or make history as we can see during pandemic some people made millions. And as a person living in the province I don't think that has a critical impact to us since food here is free.

[stompix]

Put a bullet through my head!

Yeah, you've read it right, if we talk about a global total collapse it would be stupid to try to live on the shit that comes next.
We've never had a total collapse, we had a crisis, a complete failure never happened even in ww2, what are you going to prepare for?

I'm genuinely laughing at the people saying they will buy necessities, and what happens when they run out? Or that they will keep some BTC and other altcoins, what the f* are you going to trade those on in total collapse where nobody will care but for food and medicine?
Some of you don't understand how that thing would look, it will mean bye-bye banks, bye-bye infrastructure, bye-bye employment, and you imagine you will still have a way to trade 24/7 and people will still be able to wire money and such? And if it's a total collapse and everyone is out of a job, what will you get for those bitcoins and why would anyone buy them from you?

Some of you have no idea what a total collapse means, you still think of it like some 2009 crisis, but that's nothing close to a collapse!

[Sayeds56]

If the global economy collapses then putting the money on bitcoin will be a best choice Because bitcoin is not same like fiat money. Since Bitcoin cannot be controlled by any country's government and its supply is limited, if there is a global economic problem, many people will jump on Bitcoin and because of this, the price of Bitcoin will increase even more. so then it would be a good idea to choose Bitcoin. It's not just bad times in the global economy that people are slowly becoming more attracted to Bitcoin.

Your advice to accumulate Bitcoin if the global economy collapses is a good idea, however it is important to recognize that the central banks all over the world have taken numerous proactive measures to avert any future economic meltdown like the one happened in 2008. As a result like-hood of similar crisis occurring again appears to be significantly reduced, although it can not be completely ruled out. In case such a scenario plays out, it can trigger extensive selling across all risky assets including Bitcoin. In such a situation, there would be an opportunity to accumulate Bitcoin to effectively lower average cost of our investment in Bitcoin, and make significant gains when market conditions eventually improve.

[Kasabus]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

You are right. Lucky are those bitcoin owners because they have prepared for the worst economy and that while others are struggling on their finances, they will reap the fruits of their investment and live life to the fullest. Probably that was my biggest regret for not knowing and not buying bitcoin earlier. Now that our economy is almost collapsing, then it’s the best time to focus more on bitcoin and prepare ourselves to take risk by investing in bitcoin. If that’s the only way to survive, then I will never stop from accumulating bitcoin. Furthermore, knowing other businesses that have also high potentials to succeed is also one of my goals. If we can take advantage from our economy, then at least we should learn how and where to diversify aside from our bitcoin investment.