As a rule, during a crisis, people sell stocks and buy gold. In this way they diversify their assets. That is, in times of crisis, gold prices usually rise. I think that bitcoin can be a great alternative to gold in this case. I am sure that some of the investors will invest in bitcoin during the crisis.
Alot of stock money is hot money or borrowed and so gold is not suitable in that way. The majority of money going into gold comes from bonds I think, as an alternative holding for central banks or similar requiring long term storage of capital and the possibility to issue securities or debt against that capital.
Its been a long time since government issued paper notes against gold for people to use. So I think Bitcoin is an alternative for global use to spend, Im not sure the poorest people will buy BTC to hold unless they are also increasing their usage of it.
2008 dynamic is that US Dollar strength rose or DXY. Its not stocks so much that matter but the currency value and its usage and if that declines then BTC might rise in usage and price.
This ETF roughly shows the Dollar index over this time, its a mix of foreign currencies and their exchange rates -