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?
In the event of financial crisis, bitcoin will most probably deflate and experience tremendous fall. Not just bitcoin but the whole cryptocurrency will definitely experience deflation since we use fiat in purchasing these coins. If people experienced financial crisis how will they even think of buying cryptos if they are having this kind of crisis? Instead of investing and/or buying, they will most likely withdraw their investments and start cashing it out. These are my sole opinions but I'm not expert in these kind of situations and I may be wrong with my understanding so better consult the professional ones who have more experiences than a middle-aged person like me.