There was a Great Economic Depression in the world and it started from 1929 and ended in 1939 which stayed about 10 years and that was the longest one ever. In that great economic depression the world ecoonomy was dis-stabilized in all areas of life and livelyhood. Banks were closed down for the long period of years, farms were destroyed, industries closed down. Live was unbearable. People died and human suffer to the core. And everythings in life were affected no school and life became survival of the fittest.
Now this technology age and must transactions are done online without going to the bank. Sometimes we buy things without going to the supermarket or to the market square you just order from online and you received your goods at your door post without stress.
The present day ecoonomy is much more better comparing to that of 20s down. Things are make easy to use. Physical bank stress is also fading gradually to the hand of technology calls digital currency.
And bitcoin is the Father and the King of this digitalization.
So if ECONOMIC DEPRESSION happened again in the world, will it affect bitcoin with it fellow digital currencies? Because economy is the back bone of everything in the world. What affect economy affect all other things. And bitcoin is the father of digital currency.
What is your say.
I mean this is basically what Bitcoin was designed for. Satoshi knew that one day all banks would probably fail due to hyperinflation of their worthless fiat currency system.... All I remember is hearing about how hard the great depression was from my grandma. She lived in Detroit at the time too, which was a rough city to live in during those times. I remember how she told me when she was like 8 and had to chaperone her 3 younger siblings from school to home like 3 miles away each day and then prepare food for all of them because her parents were working. Its wild times. If everyone goes into a state of depresson from a global economic collapse then surely Bitcoin would only go up and do much better simply due to supply and demand. People would naturally put their money into gold and silver, and now of course bitcoin, too. So I can definitely see Bitcoin doing well as a result of all this.
Agreed, bitcoin was born to solve the problems that fiat is having, but for bitcoin to become everyone's choice if there is a big recession, it needs many factors. It's bitcoin's acceptance and legitimacy, I mean, if bitcoin's recognition doesn't achieve greater results, then it will be very difficult to become an inflation-resistant asset like gold. No matter how good bitcoin is, if it is not recognized by the public, it will never be an option when the Great Recession hits. As is happening, inflation and economic crisis are hitting us, but bitcoin is still not an option for many people, many are still choosing gold and other assets as a safe haven.