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Originally Posted by blynk
What is the view of BTC when the next GFC happens.
I might have to go back and look to see what happened with gold to try and get a comparison
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Next GFC will be different because last time was a bank bail-out, the next time will be a
bank bail-in. This means there is a non-zero chance that your bank account will be trimmed by a certain percentage. It might be fairer to say each depositor owes the same amount, but since when was life/banking fair?
Once banks start failing, I expect there will be a panic which will cause hyper inflation, in the sense that both credit and cash money will be hard to come by, which will make "just in time" orders of goods difficult, which will mean shortages of things, and increased demand for physical stock.
Having a functioning decentralized transaction network (any crypto, not just BTC) means people could still trade amongst themselves. Depending on how bad things get/are, we could lose all our bank balances. But the joke's on all of us, because mortgages won't be wiped. It'll just be a mortgage call in, and if you can't pay, you will be forced to give up your home in a mortgagee sale, because you signed the form that says it's the bank's property until they say otherwise.
If you're speculating on BTC because you want an increase in your fiat digits, then you missed both the boat and the point. BTC is a hedge against fiat, so you should acquire as much as you think you might need, and can afford.