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?
I think bitcoin will not be able to hold the value that it has currently or neither any other currency will be able to hold its position as crypto currency. They will drain within next day of announcing that we are suffering from the major financial crisis because BTC is what holding most of the investment today with about 300 Billion dollar market. This means around that much money is in the market of BTC. If financial crisis is there then there could be forceful act of government to shut down such investment and bring the money back to the national financial system. Or at least there could be big investors who will be putting back the money into banks for the sake of their own safety leading to dropped value of BTC and other currency. This is what will happen according to me.