Quote from: BartS on September 08, 2018, 07:27:32 PM

Quote from: magneto on September 05, 2018, 10:21:28 AM

It could. We've seen previously in difficult financial times that people revert to storing their wealth in gold and silver.

With bitcoin somewhat mainstream now, or at least being known internationally to some degree, I think that it will take over a lot of the roles which precious metals used to play in terms of being a store of value within economic crises.

And when people have a dysfunctional fiat currency, they will obviously seek an alternative, which I think will force a lot of people into looking at bitcoin as a viable one. After the crisis though, it's debatable that they wall continue to use bitcoin, even though adoption technically has increased.

This is entirely true but I think it is going to happen in two phases, as first people are going to try to buy gold and silver to protect themselves since that is something that they have done for a long time, but then the governments are going to tax any profits that people get out of their investments in gold and silver and will even try to confiscate it, at that point people will realize that they need something that cannot be easily confiscated and tracked like gold and silver and that is when they will begin to adopt bitcoin.

That could be a possibility.

Gold and silver seems to be the accepted standard of storing value in the long term in many countries still, and it's logical to think that people will resort to silver and gold due to their cultural significance.

Confiscation could be a potential policy. However, I don't think that's the main reason why people would transition to using bitcoin and other decentralised cryptos in an economic crisis, from the traditional store of values and hedges against fiat in gold and silver.

The most important benefit that bitcoin has over gold and silver in the case of a hyperinflationary crisis is that it is divisible, it is convenient, which is unlike gold which can't be used as a currency conveniently in times like these due to its inconvenience to transact with. Bitcoin on the other hand, you don't have to worry about counterfeit bars, purity, or weight, which would be the last of your worries when it comes to a full on global financial crisis like you suggest.