It has been 10 years since the 2008 financial crisis and there are a number of financial experts out there predicting doom and gloom to hit the financial world this year. To be fair, every new year brings new crazy predictions, so, although I am not reading too much into it, It did get me thinking - how would bitcoin hold up during a financial crisis.
We know gold is able to withstand a crisis, but with the price of gold very much being controlled nowadays, it might not be a good idea to use them as a comparison.
Interested to know peoples thoughts on the matter, what do you think would happen to bitcoin during a financial crisis?
The fact is so far we have not witnessed something like this in the life time of bitcoin, its going be hard to decide the exact way bitcoin will react to such scenario compared to the free fall of fiat that have happened in such situations and scenarios. For me, I think the way every thing works well be the reaction of people and I feel its going to affect bitcoin. Today, we have seen some fall in price and you see people dumping here and there, in situation that is even isolated to the crypto currency. I then wonder what will happen if the whole world economy is in turmoil, I see a lot of people following the same pattern after all. At the same time, I see a lot of new millionaires being made after the whole crisis because at some point the crisis will be over and people who are smart would either become rich, richer or maintain their riches.