Topic: If the global economy collapses what's the first thing you do? - page 7. (Read 1128 times)

gold and bitcoin. two things that are most effective when the world economy collapses. I included bitcoin because even during the Russian war one year ago they used bitcoin as a transaction because the currency was difficult to transact. One of the advantages of crypto currency is that it does not favor a particular country. In fact, it is a solution when several countries experience conflict.

Let's revisit the BTC/USD candlestick chart. It surged to an all-time high (ATH) of over $65k+.

It's worth noting that during that time, several significant global events took place.
- Covid-19 was discovered in December 2019 in Wuhan, and it rapidly evolved into a global pandemic by March 2020.
- Just two months after Covid-19 gained worldwide attention
- The Bitcoin halving occurred on May 11, 2020.
- The ATH itself was reached on November 10, 2021, which was approximately 1.5 years after Bitcoin's previous ATH. However, the price rally had already begun in May 2021, all while the Covid-19 pandemic was still ongoing.

In my opinion, Covid-19 did not weaken Bitcoin. Similarly, some healthcare-related stocks experienced a significant surge when the pandemic hit.

Don't act like bitcoin is immune as well. The last time Covid happen, was bitcoin going up or it was going lower. It depreciated more than some even stock, many coins did -99% because of its influence on them. If today another global collapse should happen, bitcoin will be affected but may be not as it used to in the past but it will crash. The same people that has investment into stock are the people that still has money here as well and they will sell if there is a global economy collapse.

Aside covid19 global pandemic that I experienced, I haven't had any in my life but I believe that when problem arises globally, the first thing everyone look out for is food, they stock food during such times, then follow by medicine, that's the only thing that matter during global crisis, all investment will be nothing, many will even sell to cater for the family, so expect people to sell their bitcoin if we are been real to each other.

It really only takes the U.S., Europe, or China for the world economy to fail. The U.S. has the largest affect because of their share of global GDP and the value of their import/export totals are greater than the GDP of some small countries. Consider the percentage a country's share of global GDP to be proportional to the risk that individual country has that could cause a global recession of some degree.

All the factors you mentioned could trigger a global collapse, but realistically it could happen if the individual economies of large regions collapse for whatever reason. There does not need to be a global event for a global collapse -- the global economy is so interconnected that only one country could cause a domino effect.

Bitcoin is part of the economy. I doubt Bitcoin will not be affected when global economy collapse while investors on Bitcoin itself will be directly affected in the form of being jobless, weak business profit and many factor that contribute to the economy collapse.

Bitcoin advantage on economy crisis is it will be less affected compared to fiat but it’s not enough to secure yourself on a collapsing economy since Bitcoin is not an income generator.

I will focus on constructing a self sustaining backyard and green energy which I’m already planning so that I will not be reliant heavily on the putside economy while invest my life savings to Bitcoin to secure my savings value.

in as much as bitcoiners should be accumulating coins, I feel every one should at least have a home farm that can produce food and medicines enough to cater for every member of their family at least their nuclear sector.. get emergency kits readily available in their homes... at least the lockdown during the covid era should be able to teach us certain important lessons.. People had money, coins and other valuables that are tradeable but we experience a complete shut down of all markets and public places, but for people that had home farms, storage with essentials supplies they were able to go through the period better than others that weren't prepared. At least before you start selling your accumulated coins, you should be alive and healthy.

Every year there is inflation, even though the global economy is in decline, so we don't need to be afraid. If the world economy will collapse. That won't happen yet. Stay calm. The important thing now is that we are alert and continue to implement policies (the world economy could collapse, but don't let our hearts and minds collapse). What we need to do is save money and continue investing in bitcoin, because for me only bitcoin can save us from the increasingly worsening global economy. Also do this by buying land so that later if the global economy gets worse we will still have sweet potatoes/cassava and other things to consume.

Well, what else can we do other than to speculate, and predict what might be the best way of survival for us and just go all in with that? Most of us think that Bitcoin can save us from that if we put everything we have into it and get to the other side of the shift without much damage, but what's the guarantee that Bitcoin won't crash as well if the global economy crashes? I know that we expect a lot of people to turn to Bitcoin as a survival method but even that isn't something guaranteed and people might not think the way we do.

I understand that when there is a lot of demand for Bitcoin, its price tend to go up, but if there is global economic crash, I wonder what would stop FUD from spreading and who will stop panic sellers from selling and exiting the market as soon as they can thinking that they will lose everything if they don't do it.

Why do you consider the establishment and development of BRICS a bad thing? Creating a multipolar world is always a good thing because it will create conditions for many countries to develop in many different directions instead of being constrained by just one great power.

One more thing, in the past, the world economy has collapsed many times, so don't be too subjective that there will be no economic collapse. Government agencies will try not to let that happen, but they also have no guarantee that it will definitely not happen. If they can prevent it, why haven't they found a solution to the crisis we are experiencing?

Preparing for the future is never a waste.

Apart from still having to keep saving and collecting as much Bitcoin as we can, everyone also has to have another job as support to face potential economic difficulties that occur globally. Because there is no wiser option than continuing to place each of us in a place that can still provide income for ourselves in order to face global economic difficulties. The issue of economics is a matter that must be faced more seriously because most problems in the economic sector can only be solved with money even though it also requires expertise in carrying out every job within the economic scope.

Well I don't think any world economy will collapse because there are agencies and bodies which see to it that the financial system is balanced and financial practices are properly regulated in order to avoid a potential collapse of the economy, just like you have mentioned.
The worst that could happen is what's already happening, and that's the BRICS initiative in which some powerful countries will opt to trade with the Yeun, thereby causing a new economic stimulus that is going to affect the current currency of major countries in the world.

Besides this, it is always good to prepare for the worst case scenario as an individual, to have a divergent portfolio or something which is of value like a Crypto Wallet for investment that is secret, gold or precious metals, in order to not be victims or get stuck when there's either disease outbreak, pandemic, flood, earthquake or even human issues that may need immediate monetary attention.

I have never prepared myself for the economic difficulties that are predicted to occur in the next few years. For me, the most important thing is to adapt to everything that happens. Without economic difficulties, inflation has made it difficult for many people to meet their needs, if they are able to survive in the midst of uncontrolled inflation can be resisted, so I am quite sure that during a global crisis, it will also be able to survive, but hopefully there will not be a global crisis that is more severe than in 2008.
But will those who own Bitcoin survive the global economic crisis? because I feel that the way it works is not as easy as you think, because when the global crisis occurs the price of Bitcoin will probably enter a new phase that will make people shocked and experience losses

Find other ways to make money so that you won't be affected by the economic crisis. If you just keep on hodlign Bitcoin, you won't be able to fight the crisis. In order to prepare for that situation, we need multiple sources of income. The one you have right now, you are used to it and you will still live your daily life like this during that crisis. So you won't be able to fight back or prevent yourself from being affected.

Bitcoin investment is a long-term process. If you rely on that too much, you may not be able to make a profit during those times when it is needed. For this reason, having other ways to make money will always help. Never depend on one thing. It could be gone in an instant, and then you will be left with nothing. Invest in multiple places and try to make a profit from them.

And if you are in an area where you can grow food, you should focus more on that. Food is essential for survival. People will need it no matter what. That way you can help yourself and also sell some to make profits during a crisis. Grow dry foods that you can store easily.

So, this is going to be definitely the good answer to OPs question. What else I can do other than accumulating bitcoin? Well, I have to invest into building a farm and something that could protectne. It's either equipping you for the slightest possibility of chaos or preparing you to take it to a business level. However, we all know that is far from happening, but at least having your own farm like veggies and livestock will save you from an overpriced market due to the rapid inflation.
This is one of the major options outside bitcoin accumulation.

Even if I don't have much cash on my bank account, I'll wipe it first because you'll never know if the next bank to disable withdrawals is the one that you've got.
We've seen this happen in some countries like in China and Lebanon. Banks there restricted their customers in withdrawing their money on them because that will add impact to the economy collapse.
That's why if there's a certain global economy impact and collapse and I am seeing it as well, that's the first thing that I'll do even if it's going to be a few hundred bucks.

I’ve been hearing about this global financial collapse for maybe 1.5 year now and it still hasn’t happened. Economy maybe softened a bit and that’s it. Right now job numbers are still strong and gdp is high.

If there is a collapse, who knows what Bitcoin will do or other risk assets like stocks. Best to be all cash and buy many assets like real estate when it’s cheap.

I believe many bitcoiners are using this opportunity to buy more of Bitcoin and hold,  so that they will not regret when the global economy collapse because I can still remember how Bitcoin helped many bitcoiners to improve in their various countries where pandemic collapsed many countries economy, but Bitcoin was still pumping massively to allow bitcoiners to enjoy their reward. I think, i need to add to my Bitcoin in this bearish season because the market price is preparing to move to another level for long term investors and short term investors to get ready for another bullish season again. If the bullish season appear this month of September, I think many bitcoiners will achieve a lot of income from the market that will sustain them through out the inflation.

That's quite realistic because when something bad happens the most important thing is how we can survive, and regarding investment, let alone investing in crypto, it is quite a risky thing because basically crypto will not work and will also fall when the global economy collapses, so what? we can survive as long as it recovers, yes, it would be quite promising if the economy could recover, but again, the most important thing is that we must be able to survive when the economy is in decline.

The big changes in the global economy are currently very clear. Especially regarding inflation and recession. I even saw the news about several mall buildings which are usually busy with visitors and many shops are open. Today there are even fewer visitors to the mall and many shops are closed due to lack of customers. This indicates that people's purchasing power is beginning to decline. Or it could be because people are starting to save money and prepare themselves to face the next economic crisis.

Personally, I actually don't have enough preparation to face an economic crisis if it occurs. It's just that I have started to learn to do it. I also invest in Bitcoin although not much. Because my current condition does not allow me to accumulate bitcoins regularly.

But I am aware that even though the news media says inflation has fallen, in reality I feel that the current conditions are actually getting worse. Because it is very clear that currently the prices of goods and food are increasing rapidly. Isn't this caused by inflation?

All I can do now is:

✓ Organize my finances again so that the allocation of my money can be more measurable.
✓ Trying to find additional income.
✓ Save the remaining money not in fiat but I put it in bitcoin investment. because I realized that the value of fiat continued to decline without me realizing it.
✓ Shop only for what is needed and refrain from overspending.

This is all I can do for now.

If this scenario happened (and yes it's turning worse currently), I think aside from holding my crypto in my wallet for future gains. I will focus on what can give me an income to still survive and that is through looking for an opportunity for additional income. It could be building a business that is timely and still indemand or switching to agriculture since we have land that can be use for farming.

It's better to have a plan and be prepared but the current situation is what we should think about. Because we don't even know if we're still existing if such unfortunate incident (global economy collapse) happened.