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RE: How Would a Financial Crisis Affect Cryptocurrencies?
Makes sense what you said. I agree because crypto is not widely accepted. That's why I think people will, as you said, try to get its hands on cash. Crypto will make a lot of sense when banks don't let people withdraw their cash.
Think if what happened in Venezuela, but on a global scale as the fiat money system begins to unravel as bonds implode.
As for banks, before the fiat money system seizes up, most banks will start to do haircuts on depositors via the bail-in provision that went into effect in Europe and Canada in 2016. I believe other major Western nation also have bail-in legislation.
Bail in didnt happen in Canada ever. And only in a couple of smaller countries in Europe. So your facts are wrong.
But your general point remains valid. The bail-in has been tested and validated to be possible without mass population hysteria in the places it was tried.
So in the face of next crisis, the powers that be will certainly use a bail-in as a partial solution