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 there is a high probability of a significant price increase. Already, a large number of people have limited confidence in the banking system. Another global financial crisis can only increase this distrust for the benefit of cryptocurrencies.
If a crysis happens, this might affect bitcoin very negatively. I don't think people will turn in to bitcoin during an economic crysis.