Topic: If the global economy collapses what's the first thing you do? (Read 1187 times)

If the economy is in a slump or decline, of course everyone will be affected, and it will be quite difficult for someone to survive in a situation like this. Especially if someone doesn't prepare everything well, doesn't have savings or investments. In circumstances like this, it is possible that some people will lose their jobs and no longer have income, while for those who continue to maintain their jobs, it is very likely that their income or wages will decrease.

So that we can survive in conditions like this, we have to make adjustments between expenses and income, by identifying which areas where expenses are in line with our income. In conditions like this, for lower middle class people it may be quite difficult to survive in a city with high prices. Moving to the village or returning to my hometown, I think that is the right solution to survive in this situation, returning to being a farmer, is the next step I will take. Because if we buy everything, it will probably be quite difficult for us to meet our daily needs, especially the need for food.

The government will certainly try hard to recover it, but we ourselves must also be ready to accept such a situation. In order to survive, efforts must be made without expecting help from anywhere, including the government.
I think that saving or having the skills to earn money is one way to survive when the global economy is bad, it will have an impact on all groups and whether we are ready or not when the situation gets worse, we have to be ready.

Day by day we are exposed to various negative things. Neither the political environment nor the economic environment is in good shape at present. If we talk about economical recession it is increasing day by day. And it's not unusual to be restless as an investor in this situation. I think it is perfectly safe to collect bitcoins for those who are investors.

Investing in this platform on the one hand as a hedge against inflation and on the other hand will be a good asset retention mechanism during these tough times. The global situation is getting worse so advance planning must play an important role in making a good decision to avoid risks. And there is no substitute for Bitcoin accumulation to protect against inflation and other financial disasters.

In this situation, firstly, if the economy is facing potential difficulties at the global economic level with many potential difficulties that it has to go through and prepare to face the possibility that will occur with a weakening of the system, we start from ourselves by shopping for the basics only and saving as much as possible on our expenses by pressing like that. It is hoped that in the long term our supplies will not run out quickly. As a Bitcoin user, I will definitely sell and invest productive land to be used as agricultural land to prevent the impact of high prices of basic commodities.

First of all,the collapse will likely affect everyone including the rich and poor,there's no more support or backup from anywhere because the economic downturn has literally affected all the activities of so many countries which will result to inflation,unemployment,a lack of resources, and the failure of financial institutions.
  There's no hiding place because its a global challenge and that's why the government should do/put everything in order to ensure that there's a smooth running of the economy.

Bitcoin is always a hot and interesting topic. To prepare for potential global economic difficulties there must be. What is certain is to continue to update and follow economic news and study market trends.

If the fundamental condition of an asset gets worse, there may be special considerations and the most difficult thing is to let go of the asset, especially if it cannot withstand fluctuations in asset value and another solution is to have emergency reserves in fiat currency or easily accessible liquid assets.

Buying land is one of the safest investments. Even if we do not consider the situation as an investment, it is a nice feeling to buy land and have your own place. People love and embrace their own spaces more.

What you said is among the options in case the global economy collapses. Soil is always a security and your own space to grow crops. Therefore, the importance of owning land is vital in a possible global economic collapse.

Lands always have a profitable structure as an investment tool. It is also an important investment tool in terms of protecting the value of money against inflation.

For people who understand well  how to invest in Bitcoin, knowing Bitcoin is surely a blessing. But for people who invest in Bitcoin in a careless way, knowing Bitcoin can be a nightmare for them. Not every one who invests in Bitcoin ends up with gaining profits. Those people who buy in the bullrun season and they failed to take profits, probably ends up with losses if they are not patient to wait for another bullrun season and decided to sell during the bearish season. It is not impossible, there are people who don't have a big patient and they are easily influenced by the FUDs, too.

Regarding the progress of Bitcoin growth currently, it looks very impressive. It already passed $37k, which means it already increased more than a half of its latest ATH ($69k). Many people expect that Bitcoin price can pass $40k in the near future. Well, I think it is too early to congratulate everyone who invest in Bitcoin. You can say that after Bitcoin price can pass $69k. 

If that is also very natural for you, I think there is no need to tell about ordinary people who trust precious metals more because they don't know about Bitcoin. It will only waste your time thinking about them because when they know more about Bitcoin, they will definitely choose Bitcoin as their future investment even though they also don't forget the precious metal that they have long entrusted to protect the value of their own assets.

It is clear to those who know a lot about Bitcoin that some people no longer put their money into any precious metal when they believe so much in Bitcoin investment. Apart from Bitcoin being considered a freedom to invest, Bitcoin has also been proven to accurately save everyone from economic downturns in the long term. We can see this through investors who have benefited a lot from Bitcoin investments under any circumstances.

Silence is not the right solution in all conditions and situations, because everyone needs to increase their income all the time in order to be able to face difficult economic conditions. Investment is a way or path that can be taken by everyone to be able to overcome difficulties, and continuing to be productive is part of the efforts that must be made so that no one deserves to quit their job or remain silent as you mean.

Us that are very late already consider it as a huge blessing, so how much more those who knew it from the start? Deym, I think those people can even build a statue of Satoshi in their backyard and maybe build a church like building for them and other Bitcoiner's to praise Satoshi and his creation BTC at a specific period of time. And maybe they can also share their ideas there to each other about BTC if how can they improve or how can they help BTC more to grow.

BTC is volatile which means, there are also times where the movement will shift in the other direction. But that's okay, at least we can buy at low and we can simply wait for the price again to recover in order for us to sell for profit. If we can attain ATH before halving then great but if not, I'm still cool with it. I'm already happy and contented that BTC helps me a lot of times and for more years to come especially when there are problems with the economy, whether personal or global.

I don't understand why everyone believes that they will be able to survive the collapse of the global economy just because they are saving Bitcoin or other crypto. The collapse of the global economy means that everything will lose its value, especially intangible assets that do not provide a tangible benefit. The collapse of the global economy is supposed to include energy production companies and Internet supply companies, and thus Bitcoin will no longer have any value.
It is a mistake to think that Bitcoin, or crypto in general, is capable of isolating us in a parallel economic system and relieving us from the scourges of the existing economic system.
Expectations indicate that in such extreme scenarios, people will return to stores of mineral wealth such as gold and silver to use them in something similar to a circumstantial exchange system in order to fulfill the basic needs for survival.

Knowing Bitcoin from the start is a blessing for many people, just imagine that in the last few weeks the price of Bitcoin has continued to increase and that shows clearly that the very volatile price of Bitcoin will continue to be like that. It is very likely that the price of Bitcoin will penetrate the ATH before or after the halving occurs. Well, anyone who has bought Bitcoin, either by DCA or buying the dip, I congratulate you, Bitcoin is an investment asset that will definitely never make a loss and is very good for the economy.

In times of bad global economic crisis, of course many people are making efforts to look for promising asset protection. Ordinary people will certainly choose precious metals over Bitcoin because they are still afraid of investing in Bitcoin, and it is natural that they may not know the full advantages of Bitcoin.

And for us, when the economic crisis hits, of course bitcoin is the best choice because bitcoin has experienced high popularity and is even superior to precious metals. Apart from that, bitcoin is safer because no one controls it, so it can be concluded that bitcoin is freedom.

Apart from investing in bitcoin, the best way to deal with the economic crisis is to increase your income by taking advantage of technological developments that have developed rapidly. The point is that we must not just remain silent but must continue to be productive.

I am not sure you understand what it means for the global economy to collapse. It is highly unlikely to happen because all the countries in the world cannot suffer economic crises and recessions simultaneously (at the same time). But if a country where Bitcoin is legal were to have economic crises and recessions, one of the great things we could see around Bitcoin would be an increased adoption. While there would definitely be a positive impact on the price, it could also affect Bitcoin negatively because people could lose trust in financial systems as a whole considering that the traditional (long trusted) system failed.

Nice topic OP, right on.

The economic shift is definitely happening and it was triggered by covid. Not by the "virus" itself but the economic corruption and changes that happened at that time, that are still having their effects on current events and changes...though it's been a long time coming.


This is very well said. People expect an apocalyptic scenario but really the way to go is to adapt to the changes that are happening in the world and in the economy. Find the new opportunities and abandon what no longer works. Ensure your wealth is hedged, and stay vigilant for threats to health and safety if any arise.

One of the best things I’ve read today.

It’s so obvious that some of us that are so Pro-Bitcoin wish to see it for all the best things that could come off it and how it could almost in all scenario be the best of any existing aspect to man’s creation but nope, it ain’t that.

Most times, we are just too theoretical to realize that, even the economists of our time aren’t able to solve the economic problems of our time even when given the platform. That’s just how theoretical some of laws about possible scenarios could be.

In a worst economic crisis and crash, you wouldn’t find many investing more or buying to hold when people would be about looking for something tangible to grab, hold unto, something with more backings and all but, Bitcoin isn’t that.
Each, keep your holdings, DCA if you could but, seek means to survive first.

I understand your urge to secure to your future after global crisis but when this happens in real time, you will forget about investment. Do you know why? Because in emergency situations people don't bother about investment, the primary way to sustenance is food and health. If there is a global economy downturn like we had back then during Corona, food became expensive, people weren't even move about life again, it was about survival and how to stock food at home and basic health facility but I like your courage for trying to buy some stock and hold your bitcoin even in a global economy downtrend.

As for me, family come before anything. I will make sure of their safety, that's all that matters and everything that comes after is secondary. I wl survive with all I have for that period and I will invest the little I can. If I luckily see Bitcoin below $10k which is unlikely , I will buy more of it. I will not look at any investment or even alternative coins because I'm allergic to them.

It's strange that some people think that Bitcoin would somehow be useful if the world economy imploded, it would most likely be one of the first things that people would jettison if things got really bad. People are creatures of habit and gold is the traditional safe haven, precisely because it can be held on to physically. People will always tend to retreat to safety. If you have a lot of faith in Bitcoin you might see it as a buying opportunity when people start to cash out. However all this is a bit redundant because you have no better prediction abilities on the world economy that any other self proclaimed expert, recessions are a normal swing and flow of the economy - boom and bust, spending to excess and then having to pay the bill. It all works in pretty regular cycles.

I also believe buying land is another hedge to inflation and future investment just like investing in gold. When you have landed properties you are sure that it will keep appreciating as the years go on and with the time such land have appreciate 50 to 100% of the price it was bought. Land is such a fixed investment that is more guaranteed and secured than most investable assets. So when you have invested in land and the world economy collapse, the land is such a security. It can be resold, you can build on it or mortgage it, it can be leased etc.

The agricultural sector is actually the most important and is even included in the category of the most important needs for everything in life. Because to live we really need food or sustenance. So food security must really be considered. And you are right that it all comes back to the agricultural sector. Where this sector should get more attention. The government must provide more funds for this. Because a country that has food security will definitely be a country that can prosper its people. Because they indirectly become more powerful even in making relations with other countries. Although all sectors are now connected to the agricultural sector. Like processing land with machines and machines require fuel. But we still have to remember that in several developing countries there are still many agricultural sectors that are managed traditionally. For example, in my country there are still many agricultural sectors that are still managed manually without the help of technology. However, for large areas of land, technological assistance is still needed. But another problem in the agricultural sector is the low level of interest from the younger generation. That's the only thing that really needs to be paid attention to.