Ironically enough, I think Bitcoin becomes much less speculative during a recession. It's already been shown that fiat currencies that hyper inflate lose more value than Bitcoin did during the bear market. Fiat that hyper inflates during a crypto bull run will incentivize everyone in that country to exit.
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If they can of course. Banning crypto, including throwing people caught with it in jail, during a time of large capital outflows could likely happen.