What will happen to Bitcoin if there is a global economic crash? - page 2.

keeee

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Quote from: buddhasource on November 01, 2018, 05:49:10 AM

It is a bit hard to figure out what will really happen to Bitcoin price.

We could find an answer if someone could stitch these together.

Gold price when crisis happen
China's economy is already in a bear market for a long time, will they see a bull?
World economy just hit an all-time high
Crypto has not seen a 10yr cycle yet
Satoshi started Bitcoin to avoid melt-downs

What do you guys think will happen and why?

There is a rule that everyone sets out for bitcoin as the more turbulent the economy becomes, the higher the price of bitcoin will be. Bitcoin is now likened to Gold and it has the potential to reduce inflation greatly when a war occurs. The most realistic example is that these days the price of bitcoin continues to rise due to political tensions between Iran and the US. This shows that the crowd is accepting this new rule and we should follow the trend. I predict that the price of bitcoin will be higher and higher if the political and economic situation becomes more and more chaotic.

But while the value of it increasing the economic of oje country will fall and surely have negative effect on them. But for us bitcoin user it somehow a good news because the bitcoin become more valuable.

sukmo

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Quote from: hildacitra on November 01, 2018, 09:42:56 AM

I think there is nothing impact from global economic crash to Bitcoin price. Bitcoin is decentralized and the price is mostly influenced by the panic selling or coin holder itself. As long as the holders and investor is not becoming panic for this situation, bitcoin price will be on the track. On the contrary, if the holders are influenced by the global economic crash, bitcoin will potentially drop.

So, it doesn't immediately impact or affect to Bitcoin.

I agree with your discourse, that it is true Bitcoin in use for alternative payment tools, and I think for the development of Bitcoin will always improve in the future because it would not be possible Bitcoin will deteriorate if seen from the user and more fans.

outatime1

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A global economic crash might help gold and Bitcoin some, but out overall situation would probably be worse than we are now. In other words, it would probably be a new negative for our way of life. I would rather just have fiat currencies just lose value relative to Bitcoin.

BartS

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Quote from: bitbunnny on December 29, 2019, 12:57:33 PM

Since Bitcoin isn't incorporated into world economy and financial system global economic crisis or crash wouldn't influence it directly. Also, Bitcoin market and fiats markets are functioning differently and there is no direct connection between them. However, people might turn to Bitcoin as an alternative and as a consequence that might drive the price go up but that is only possibility that doesn't need to happen.

While bitcoin cannot be influenced directly it can be influenced indirectly, after all when you think of the value of bitcoin you think of it in dollars, and if there is an economic crises that originates in the United States then most likely the dollar is going to be affected.

And at first sight it may seem as if it is good for bitcoin but the truth is that if that were to happen many people are going to begin to sell their coins to recover the losses that they have in the stock market and that could reduce the price of bitcoin.

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Since Bitcoin isn't incorporated into world economy and financial system global economic crisis or crash wouldn't influence it directly. Also, Bitcoin market and fiats markets are functioning differently and there is no direct connection between them. However, people might turn to Bitcoin as an alternative and as a consequence that might drive the price go up but that is only possibility that doesn't need to happen.

iamsheikhadil

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I think a global economy crash would only bring good news for the crypto industry as the rules of crypto growth is different to that of traditional markets and economy and hence, it will bring in more investors for future potential profits in crypto as the fiat money loses value over time

bettercrypto

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Quote from: Highpitched10 on November 01, 2018, 05:57:12 AM

IMHO bitcoin has nothing to do with the world economy or the economy of a nation..

Bitcoin is a peer to peer electronic cash,it has no connection whatsoever with the government,if there is a global economic crash, then the only victims would be the FIAT currencies of our various nations

Bitcoin is at an individual level, that's why it's called a decentralized platform,free from the government and it's regulatory body and any economic meltdown whatsoever,it only affects individuals directly or the mass of users in general

The system can only be affected based on the demand and supply of the currency
Probably if there is 0 demand for the bitcoin,then that could signal the end of the currency(which is not going to happen)

Bitcoin would thrive even in an economic crash or meltdown

I hate when people talks about bitcoin like it is a God. A changing life for all. Bitcoin is a peer to peer network designed to have a decentralized and transparency that includes the use of technology. It is not the reason to raise economic growth. It is not also a savior for a dying economy. Let us not all depend in bitcoin because it is like a fiat. An updated paper money.

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Quote from: cabron on December 26, 2019, 09:37:56 AM

Quote from: Savemore on December 25, 2019, 11:06:58 PM

Quote from: panganib999 on November 20, 2019, 12:52:01 PM

Up until now there hasn't been any proof saying that there is a connection or correlation between market's stock and bitcoin. A solid and accurate prediction cannot be considered. But technically looking at it, cryptocurrencies are mainly used as a store of assets so bitcoin is really highly inflation resistant. If global economic crash happened, it is more likely that the stocks of the market will also crash, but since there isn't any proof of the two's correlation, bitcoin is free from the worries of the economy. So if a global recession took place, it's still tentative if people would see it as a safe haven, refugee, and a chance to avoid their money being affected by the global recession or would they see it as another risky investment because of the uncertains.

The cyptocurrency market will also definitely crashed if the global economy crashed. All of the financial market is affected so all of the investors will play safe and they will be panic that can lead to withdrawing of their money. That's why economists says that it is better to invest in assets that can give us passive income. The stock market will probably crashed so we should also stay away with it if the global economic crash happen.

That is not true. All else will crash when there is a global economic crash. If you remember last 2017, the price of BTC rose up to $20k and it plummet down to $3k in less than a year all because people are taking profit. What protect us from those users who will take profit while the economic crash is taking place?

Bitcoin is not safe when economic crash takes place, you will need fiat to buy food. I don't a merchant will start accepting crypto while the crash happens as well.

Even if the crash happens, still bitcoin is worth holding and the prices are in thousand dollars. As far as merchants are concerned, they will tend to accept it if they are completely aware of the worth of bitcoin. Bitcoin never loses the tendency of increasing in value and that is when everybody enjoys massive income. This is quite normal for the investors of bitcoin to observe strong dumps and pumps.

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Quote from: Karmakid on December 26, 2019, 08:41:27 AM

I believed that the market of bitcoin will remain tight and strong even there is a global economic crash because people know that bitcoin is not dependent on the happenings in our world and in a matter of fact, it might even go up even there is a global economic crash because people will rush in to store the value of their money through bitcoin.

We can't say that crypto market isn't dependent upon the world happening. It has certain marginal value to make an impact, beyond which it reacts to the world market changes. If there happens no change relative to the economic crash then it seems to be something manipulated in my view. Whatever might be if things gets used at the right time then it yields good return out of the investment unlike the market.

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Quote from: Savemore on December 25, 2019, 11:06:58 PM

Quote from: panganib999 on November 20, 2019, 12:52:01 PM

Up until now there hasn't been any proof saying that there is a connection or correlation between market's stock and bitcoin. A solid and accurate prediction cannot be considered. But technically looking at it, cryptocurrencies are mainly used as a store of assets so bitcoin is really highly inflation resistant. If global economic crash happened, it is more likely that the stocks of the market will also crash, but since there isn't any proof of the two's correlation, bitcoin is free from the worries of the economy. So if a global recession took place, it's still tentative if people would see it as a safe haven, refugee, and a chance to avoid their money being affected by the global recession or would they see it as another risky investment because of the uncertains.

The cyptocurrency market will also definitely crashed if the global economy crashed. All of the financial market is affected so all of the investors will play safe and they will be panic that can lead to withdrawing of their money. That's why economists says that it is better to invest in assets that can give us passive income. The stock market will probably crashed so we should also stay away with it if the global economic crash happen.

That is not true. All else will crash when there is a global economic crash. If you remember last 2017, the price of BTC rose up to $20k and it plummet down to $3k in less than a year all because people are taking profit. What protect us from those users who will take profit while the economic crash is taking place?

Bitcoin is not safe when economic crash takes place, you will need fiat to buy food. I don't a merchant will start accepting crypto while the crash happens as well.

btcmurat

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If there is a global economic crisis, Bitcoin is badly affected. Let's consider the times when the Bitcoin price is the highest. When the US dollar policy is loose. So if more dollars are pressed, the price of Bitcoin and similar things increases.

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Quote from: Faxmate on November 20, 2019, 03:37:53 PM

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Quote from: EdvinZ on November 17, 2019, 01:23:37 AM

In fact, it is difficult to predict what will happen to Bitcoin in the event of a global economic crisis. It is possible that people will buy it in the hope of saving their money from hyperinflation, as they do in Venezuela for example. But it is also possible that Bitcoin, which does not have a legal status in many countries, will scare off buyers by the lack of laws regulating the turnover of the cryptocurrency.

It will depend on countries say on adopting cryptocurrency if atleast they allowed to have exchanges or stores that can use BTC, it may solve some of their economic problem but if the government is threaten or giving them wrong interpretation then it will influence their people to not try it and just face the crisis like how they do it always.

Instead of depending on governments to do something good, it would be better for us to focus on improving financial health on our own. Bitcoin lays a high threat to governments. It takes away economical control fro them. So a big resistance can be expected from legal authorities in accepting bitcoin. As individuals, we should use bitcoin and good altcoins for becoming rich and stabilizing our financial status.

How to use Bitcoin and "good" Altcoin to make you rich? I don't know that! Cheesy

Using cryptocurrencies to become rich isn't the same as trading cryptocurrencies. Cryptocurrency trading can help you get rich as long as you make a profit, but when you use it, for example, using cryptocurrency to pay, there is no chance to get you rich unless you use it as a speculative asset or for trading.

Btw, did you have to pay any tax from this source? If you didn't do that, your country won't get any benefit when you use cryptocurrency Grin

Karmakid

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I believed that the market of bitcoin will remain tight and strong even there is a global economic crash because people know that bitcoin is not dependent on the happenings in our world and in a matter of fact, it might even go up even there is a global economic crash because people will rush in to store the value of their money through bitcoin.

Savemore

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Quote from: panganib999 on November 20, 2019, 12:52:01 PM

Up until now there hasn't been any proof saying that there is a connection or correlation between market's stock and bitcoin. A solid and accurate prediction cannot be considered. But technically looking at it, cryptocurrencies are mainly used as a store of assets so bitcoin is really highly inflation resistant. If global economic crash happened, it is more likely that the stocks of the market will also crash, but since there isn't any proof of the two's correlation, bitcoin is free from the worries of the economy. So if a global recession took place, it's still tentative if people would see it as a safe haven, refugee, and a chance to avoid their money being affected by the global recession or would they see it as another risky investment because of the uncertains.

The cyptocurrency market will also definitely crashed if the global economy crashed. All of the financial market is affected so all of the investors will play safe and they will be panic that can lead to withdrawing of their money. That's why economists says that it is better to invest in assets that can give us passive income. The stock market will probably crashed so we should also stay away with it if the global economic crash happen.

dimox

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bitcoin is really cool, and it price cant fully change because of global economy. you know bitcoin price depend on demand, for the first time it release the price is really low, but now it have a big value. but we never know if it doesnt give effect to bitcoin, so what bitcoin can do, how valuable this coin to the world

kotik085

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Maybe giving positive side for bitcoin if economic global world crash because many country want to move using bitcoin as legal transaction, look what happen in Venezuela where they have try for adopting bitcoin as legal transaction in their country after economic crash and their money does not have value, bitcoin less inflation than using bitcoin and keep profitable with increase higher price every time.
[/quote]

Maybe after an economic collapse, Bitcoin will become a leader and the fate of Bitcoin depends on it. To stand on a par with fiat, and then gradually destroy the state's fiat money when they fail.

Oneandpure

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Quote from: Faxmate on November 20, 2019, 03:37:53 PM

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Quote from: EdvinZ on November 17, 2019, 01:23:37 AM

In fact, it is difficult to predict what will happen to Bitcoin in the event of a global economic crisis. It is possible that people will buy it in the hope of saving their money from hyperinflation, as they do in Venezuela for example. But it is also possible that Bitcoin, which does not have a legal status in many countries, will scare off buyers by the lack of laws regulating the turnover of the cryptocurrency.

It will depend on countries say on adopting cryptocurrency if atleast they allowed to have exchanges or stores that can use BTC, it may solve some of their economic problem but if the government is threaten or giving them wrong interpretation then it will influence their people to not try it and just face the crisis like how they do it always.

Instead of depending on governments to do something good, it would be better for us to focus on improving financial health on our own. Bitcoin lays a high threat to governments. It takes away economical control fro them. So a big resistance can be expected from legal authorities in accepting bitcoin. As individuals, we should use bitcoin and good altcoins for becoming rich and stabilizing our financial status.

Maybe giving positive side for bitcoin if economic global world crash because many country want to move using bitcoin as legal transaction, look what happen in Venezuela where they have try for adopting bitcoin as legal transaction in their country after economic crash and their money does not have value, bitcoin less inflation than using bitcoin and keep profitable with increase higher price every time.

Faxmate

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Quote from: EdvinZ on November 17, 2019, 01:23:37 AM

In fact, it is difficult to predict what will happen to Bitcoin in the event of a global economic crisis. It is possible that people will buy it in the hope of saving their money from hyperinflation, as they do in Venezuela for example. But it is also possible that Bitcoin, which does not have a legal status in many countries, will scare off buyers by the lack of laws regulating the turnover of the cryptocurrency.

It will depend on countries say on adopting cryptocurrency if atleast they allowed to have exchanges or stores that can use BTC, it may solve some of their economic problem but if the government is threaten or giving them wrong interpretation then it will influence their people to not try it and just face the crisis like how they do it always.

Instead of depending on governments to do something good, it would be better for us to focus on improving financial health on our own. Bitcoin lays a high threat to governments. It takes away economical control fro them. So a big resistance can be expected from legal authorities in accepting bitcoin. As individuals, we should use bitcoin and good altcoins for becoming rich and stabilizing our financial status.

panganib999

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Up until now there hasn't been any proof saying that there is a connection or correlation between market's stock and bitcoin. A solid and accurate prediction cannot be considered. But technically looking at it, cryptocurrencies are mainly used as a store of assets so bitcoin is really highly inflation resistant. If global economic crash happened, it is more likely that the stocks of the market will also crash, but since there isn't any proof of the two's correlation, bitcoin is free from the worries of the economy. So if a global recession took place, it's still tentative if people would see it as a safe haven, refugee, and a chance to avoid their money being affected by the global recession or would they see it as another risky investment because of the uncertains.

iv4n

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Definition is simple 'Hyperinflation occurs when the government allows inflationary pressure to build up in the economy by printing excessive money, which leads to a gradual rise in the prices of commodities and services'. Today we can see bitcoin for 10k dollars, tomorrow the price of bitcoin can be 20k dollars, in one month 100k. Its like that when you get hit by the economic crash and when government start to print money like crazy, together with new bills, quotations:
`Yugoslavia re-denominated the dinar for the fourth time on 1 October 1993, at a ratio of 1 million to 1. This did not mitigate the hyperinflation, and the 1993 dinar lasted for only three months`
`The 1993 dinar had the largest denomination out of all incarnations of Yugoslavian currency: the banknote, featuring Jovan Jovanović Zmaj had a face value of 500 billion (5×1011) dinara .`

I survived that period, and you can find somewhere information that prices of everything were double every 15h more or less. Today milk is 100, tomorrow its 200 and like that for years. So if this world gets hit by global economic crash fiat money will become worthless.

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