As 2024 approaching many predictions has been made about economic crisis that will shake the world with many countries rising up to fight against one another
If these assumptions/predictions are to be true then what will be its effect on cryptocurrency most especially Bitcoin. As we know during war, economic activities are always grounded where many will be thinking only about their survival in terms of living than economic dealings and gains
Was recently discussing with a friend who is of the opinion that since Crypto/Bitcoin is a digital kind of money it should not be affected by any natural disaster or war but for me I believe it will be affected since crypto/Bitcoin is striving because people are making use of it and if these people are affected by war, which will disrupt flow of doing things the normal way, then crypto will die a natural death at least for that period.
Although we both agreed that even if there would be a World War III, participating countries will not be more than 6 going by previous wars but these countries will be economic powers that can/would ground economy of others countries depending on them. Hypothetically, say Russia, it might be difficult to pump oil to neighboring countries and other countries abroad that depend on them for their survival and might not be able to power countries including Satellites and Base stations (BTS) to generate data. Without data, cryptocurrencies will be useless as there would be no trading of any sort for that period.
Will like to know your view on these as 2024 prediction for Bitcoin, Ethereum investment is encouraging and we don't want anything to truncate this flow. For me I believe there won't be any war significant enough to affect investment in Cryptocurrencies.
Unfortunately I don't have a very good answer for you ...
1. A world war always "touches" much more than the direct participants. You can remember the Second World War - how many countries it "affected", how many countries suffered from it, how many peoples became its victims... so the Third World War will involve virtually the whole world.
I can say even on the example of the "local" terrorist war that Russia organized in my country. Now directly or indirectly this terrorist war affects dozens of countries !
2. Cryptocurrency is unfortunately not money. And until it is not really secured, for example, by the economy of a country or union, and it will not be freely paid for most goods and services in most countries, it will be an asset but not money. Regarding its value in times of global conflicts - I have already given an analysis - take a graph of crypto market capitalization and the value of bitcoin, for the last 10 years, overlay on this graph vertical lines at the points when there were powerful conflicts on earth, and you will see - that there is no noticeable connection between crises and the growth of the value of cryptocurrency. In gold, for example, you can see it, but not in cryptocurrencies