Select what genuinely interests you. Your picks feed directly into our editorial planning. So far, bitcoin has not protected against losses in a financial crisis or recession. In the last three major downturns, the bitcoin price fell further than stocks and gold each time: by 52 percent in the 2020 Covid crash, by 77 percent in the 2022 rate turn and by 28 percent in the 2025 tariff shock. Afterwards, however, it often recovered faster than the stock market once central banks were pumping money back into the markets. Anyone wanting to understand what crypto does in an economic crisis therefore has to look less at the economy and more at interest rates and liquidity.