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Not long ago Terra crashed causing chaos and leaving many of its investors with nothing but a broken heart. On the other hand skeptics were having the time of their lives; only God knows how many investors' ears hurt from hearing 'I told you so'. Cryptocurrency has come under a lot of criticism since with some investors chickening out.
There is no one particular reason behind the current condition of the market but a number of factors come together to bring this outcome. The rising inflation and hikes in interest rate as well as the frenzy caused by the Russia Ukraine war. Other factors include investors chickening out due to Terra's crash which created a lot of fear and insecurity around Crypto. People are investing less and pulling out more from Cryptocurrencies causing great instability. And no coin is left unscathed:not even bitcoin.
This scenario is possible but highly unlikely to occur. But what if it did? If Bitcoin crashed many Millionaires and billionaires will lose those titles and become almost if not completely broke. Banks and governments such as the Nigerian which have opposed bitcoim will be beaming with joy and all other crypto skeptics will walk around with shoulders high and a note saying 'I told you so'. The event will be catastrophic and will have a devastating effect on the already 'bedridden' economy. Some countries which have even made bitcoin a legal payment option will be thrown in a frenzy. People might go on protests for refunds and conspiracy theorists will come up with the most bizarre stories you could think of. Almost all transactions on the dark web are done in bitcoin and these criminals will definitely not take it lightly to lose all their 'hard earned money '. Crime rate will be at its peak with many banks being robbed or hacked. Citizens will be at the mercy of criminals and most of the globe might fall into scarcity. First of all bitcoin is the leading Cryptocurrency so if there's any crisis that is so great as to bring Bitcoin all the way to $0 then it follows that all other Cryptocurrencies would have long bit $0. With all Cryptocurrencies wiped out the stock market will be in shambles and most assets will depreciate in value. There will be extreme pressure on most governments and inflation will be the new normal in town. In the midst of all this chaos the founders of Cryptocurrencies will be in hiding, fearing the wrath of investors. Satoshi Nakamoto will be glad he remained anonymous. Most employees will be laid off due to financial instability of some companies. People will take to the streets to protest with some employing violence to express their frustration. Drug use will increase and drug market will replace the stock market. Beer will become priceless and bars will become a safe haven. Gun violence will be so normal that people will be surprised if they went a day without catching a bullet. Hyenas will stop making laughing sounds when people are around because the frustrated homo sapiens might shoot at them for laughing at their predicament. Lions might begin eating grass as humans would have hunted and eaten most of the dears and other animals. People might start riding bears because they want to die so badly and as soon as possible. Elon musk will give out all his money to apologize for calling himself the Doge father. And he he'll have to learn to dodge tomatoes and stuff thrown by dodge investors; he'll be a Dodge father. Toilet rolls will become the most expensive items on earth because people will be full of shit. Depression will rise and self harm will rise so high that people might cash out on it by selling tickets to allow people access high bridges and buildings. Psychopaths will suddenly feel normal because everyone one else will be like them. People might pull out dolphins and other sea creatures to land just so they can have a feel of life without bitcoin. Some Africans might claim ownership of the sun and start charging everyone on the globe for using energy from their property. Farmers will be too drunk to farm. There will be so much famine that people will retort to just drink water and stand in the sun to photosynthesize food. Also Donald Trump will be back on twitter. Humans will finally give up on life just like Elon and decide to follow him to Mars so they'd at least die in style. And then in the midst of all this hope will be restored as bitcoin suddenly rises to $1.