It seems like there's probably a price point where crypto becomes an attractive asset to flee into. In that sense we might end up very happy that we're seeing our crash before the traditional equities/real estate crashes.
Perhaps strangely, I'm a lot less worried now about an equities crash taking crypto with it than I was in August. Already being there may not feel great but in some sense it stands to be an edge, if we presume cryptos are going to survive at all.
That last point is critical. One of the common phenomena of booms and busts is industry consolidation.
The weak players get bought up or wiped out and the strong players survive for the next round.
Previous crashes in crypto were really just involving BTC because that's all there was. Now there have been thousands of "projects" launched, and we know the vast majority are garbage. So if crypto survives, it will be the strong few that make it.
But I don't think there's any price at which institutional money will see crypto as an asset to flee into. Individuals like us who see a different future for money and technology, yes.
In the US/Western Europe, probably true. But when the crash comes if we don't see significant Brazilian money head into cryptos I'll be surprised.
That's certainly possible. I wonder how much difference institutional 2nd/3rd world money would make if/when their currencies collapse.