Are you kidding? Please, look at the charts of ethereum and bitcoin. There are the very strong downtrends in these assets. I am already tired to watch these downtrends. Last several days I saw quotations and market was stably in the red zone showing from -3% to -20% by assets. I think that in such a situation it is strange to talk about a safe haven because I am sure that prices will continue slashing.
It is a pity that I am still holding ETH and I acknowledge that I have mistaken with this bought. Well, I am frank with you talking about the current market situation and I consider that crypto assets in the current moment of time is not a good choice for investing and I am not sure that crypto assets will be strong in a period of the further crisis.
You are only seeing things as they are now, we are talking about how the events may unfold in the future in the case of a crisis, and we have seen several local examples of this and one of the most notorious is Venezuela, the inflation in that country is terrible and people are looking for ways to improve their situation, some use dollars but dollars are scarce in their country and many people have began using bitcoin and other crypto to store their wealth.
In the case the US dollar fails what can you use to protect yourself from that? Gold and silver are good options but not many have them and can be easily confiscated, but cryptocurrencies can be held without no one knowing you have them and even if someone knows they cannot take them away without your keys so in that way crypto is safer to store than gold or silver.
Yes, and this is how crypto is becoming the new gold. It is nothing like gold, but it shares the feature of being a secure way to protect money against extortion, abuse, taxes, devaluation, crises, etc. etc. There are many reasons why using crypto is more practical than fiat, and even gold, but unfortunately too much of the publicity focuses on the high profile hacks to make it appear as extremely high risk.
It's true that crypto is the better option, but the main problem is that there isn't one single crypto currency able to handle mass adoption. We have seen how Bitcoin's network crippled completely due to the bull run last year.
If Bitcoin can't even handle a few hundred thousand people using it in a single day, it won't ever be able to handle one million users trying to have their transactions confirmed within one day.
We have to look at our crypto currencies without hyping them up too much. As it is right now, they are all incompetent and haven't gone through any upwards scaling improvements to even remotely allow more usage.
This is something that we need to look at more seriously. Sure, Bitcoin has the best concept, especially that being in decentralization, but does it have the capabilities to hold up its worth? There are big dreams around here for Bitcoin but there needs to be much more done to bring it to those levels.
