Just like gold, in fact, during a recession and bank failures Bitcoin may just perform very well, because it has limited quantity, it is decentralized, and it is relatively decorrelating from traditional financial markets.
Bitcoin has proven its resilience during the pandemic so that the recession that occurred did not really affect the performance of bitcoin's journey in the market. This shows how strong bitcoin is in maintaining value for growth so it is not wrong when many people start considering investing in bitcoin. Traditional financial markets have always failed in their efforts to deal with recessions and currencies lose value in such conditions, making the problem bigger and much more difficult to solve.
Bitcoin did survive in such conditions, but gold's performance was much better because in fact gold is much better able to maintain value in much worse economic conditions. Gold also has a larger community because gold's journey has been so long that people prefer to store gold compared to currency. Bitcoin is a mainstay for some people because we are starting to see something resembling gold in its journey even though it is slightly different in terms of returns.