As of September 2021, the prospect of another global financial crisis loomed very high in the minds of many economists and stock market analysts. The coronavirus pandemic and its lingering effects on the global economy could lead to a gradual erosion of investor confidence, and this may translate into a market correction followed by a long bearish period on Wall Street.

With the above in mind, the question of how Bitcoin would fare during a global financial crisis is something that many traders are pondering. Recent market history shows that Bitcoin has become a flight-to-safety trading commodity along the lines of gold, but investors are seeing greater fundamental strength with the legalization of BTC tokens as legal tender in El Salvador, Cuba, and Ukraine.

However, given that history, the chances of an imminent global economic crash may be higher than we think. In the coming weeks and months, the most influential voices in global finance and government will be watching Bitcoin very closely. According to a recent article published on Forbes, the following countries are watching Bitcoin closely: China, Switzerland, Russia, and the United States.

A long, bearish market may be the way things would play out for Bitcoin, but in that case, will there be any room left for the altcoin market? Altcoins are just as much a part of the crypto market as the bitcoin blockchain. So how can we ensure that the altcoin market will still exist even in a bearish market? One would hope that it will just be a matter of time until the markets recover, but traders will need to keep a close eye on the gold futures market.

Whenever the world economy experiences severe declines, investors undoubtedly flock to gold as well as to the relative safety of the United States dollar. Some analysts believe that this could be a situation where we see a major correction or bear market, while some investors feel that it could be the start of a new secular bull market for Bitcoin. What we all need to keep in mind is that BTC is just starting to achieve circulation, which means that it may fare better than expected if Wall Street goes through a major crash.