People then look for an alternative. One that offers more security in times of crisis. Bitcoin.
A lot of people assume this, but really, we're yet to see how bitcoin will perform overall. Yes, bitcoin is scarce and permissionless and all that — but it wouldn't matter much if only a small minority of people(us Bitcoiners) see these advantages. Obviously for bitcoin to perform well, a lot of people(money) should be in on it.
I agree. The most normal thing is that bitcoin is useful in periods of crisis but it depends on many factors, and if we take into account that it is permissionless but many people leave it on exchanges or platforms that do not even allow you to withdraw it, as we were discussing recently on the Spanish board, it is not clear that it is going to end up behaving as we assume.