Now, credit expansion can be a useful thing, which is why it is done. But the result is often what we are seeing now.
Useful until the debt cycle becomes unmanageable.
When the crash happens, all savers will naturally gravitate towards assets that actually work as stores of value: gold and Bitcoin.
Yes, and doing so hamstrings the centralized currencies as the "backers" will be the people who own the gold and bitcoin. With governments already having a fair bit of gold, perhaps more people will opt into bitcoin.
Bitcoin is digital gold. What makes gold valuable apart from the established network effects on the demand side is the fact that it is expensive to mine and that its supply is very inelastic (= high stock-to-flow ratio). The very same thing makes Bitcoin valuable as a store of value asset. Bitcoin does not need to scale or become a payment system to be valuable. Gold is easy to confiscate and much more difficult to transfer or to be used for paying for anything. Bitcoin is gold for the digital era.
Yeah I agree, Bitcoin/crypto is far more secure in many ways and can move easily across borders. Would have been an interesting difference if it was the store of wealth 80 years ago - quite a different story.
Absolutely.