Could crypto be a black swan?

With bitcoin currently crashing and pulling down most of the other cryptos as usual,
I wonder what would happen, if it would really go down like 90% or more?
Marketcap of BTC alone is around 700 Billion $ and no one but paraguay rly uses it.

How much money could be destroyed and what would be the consequences to a world during a pandemic?

None, just perceived value, its not money till its a fiat, and fiat doesn’t care what btc does.

Bitcoin is not money. It’s a value. Like, your car or your diamond was stolen and you have no insurance.

There will be some consequences. Stock markets will also fall. Everyone will want to sell while dropping. This will increase the demand for dollars. So DXY up to moon.

Cryptos have no intrinsic value and for the most part they are just speculative assets.
In USA this week, there was a crash in bond market. It means interest rates rise, which means speculative assets fall.

When everything crashes, cryptos will crash faster.

Every time I see someone say “Bitcoin is crashing” I pull up the current BTC price and it is between $40k and $45k every time. What are these people talking about? Crashing would be $20k. Yeh, it’s not sitting up in the 50’s or 60’s, but it has not crashed. $40k is still a lot.

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Could be, but look at all the banks and giga companies that buy it at every “crash”. In feature they gonna convince you that its all shit while buying it. Then, when they have enough to control it, they gonna ligelize it in all over the world. Sound like conspiracy, but prove nie wrong :wink:

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I tend to not overthink it. I enjoy buying things thanks to the crypto I gain. So for me it’s as real as it gets. I’ll enjoy the ride while it lasts but no long term expectations and I don’t invest in hardware that has a singular use for crypto. I always have an out plan. I guess I’m a bastard because I’m not a crypto loyalist. I’m in it for the now, not the later. Some people are afraid to mention FIAT and that it’s the great evil. Meh, whatever. I’ll take the path of least resistance to make a bit of money on the side. I cash out as frequently as I can. In closing, to me crypto is about as solid as a wet paper bag.

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Here’s my adventure: I’ve never bought or sold crypto. I have never farmed. I’ve only heard of bitcoin and ether. I had 20TB of storage space for the movie archive. I know computer hardware and software pretty well. In April, chia got me excited. And the damn moon price. Now 500 TB are looking me and I am looking it. My poor $11k.

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A crash of just crypto would not have much effect. But I think that crypto especially Bitcoin is allready for many big investors that own Bitcoin in the same category as gold.

What could happen though is that a general economic crash would force people to sell assets (real estate, stocks, gold, crypto) it’s generally considerd to be the most likely scenario that all assets would go down in price because people in need of cash to pay for everything.

So a more interesting question would be - how much would a decline in crypto be usable as an indicator for developments beyond crypto

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