Collapse of economies of world is almost certain in view of corona crises. And whether economies collapse slowly or suddenly - most currencies are bound to collapse. The time frame of the playout could be +/-2-3 quarters.
Currency exchange rates are a good way to know how the economy of a country is performing with respect to others. And whether wealth of citizens of a country is protected or not.
In this post I am presenting historical appreciation/depreciation of some dominant currencies/assets to help give a perspective of what has happened and what is the impact of that on your wealth.
Above chart shows the currency conversion rates evolution over time for dominant economies of the world since 1970. Except Japan and Euro Zone - other major currencies have devalued very significantly and upto 98% against USD.
And in that same amount of time USD has lost 98% against gold as shown in above chart. So even US citizens have lost their wealth and purchasing power of their savings.
So the savings of the citizens, in their respective countries currencies, have lost all the value against gold.
So using currency of your country for transactions is fine but using the same to preserve wealth over time is a straight NO.
And above chart shows appreciation of Bitcoin against Gold in last 10 Years only. Obviously purchasing power or wealth stored in Bitcoin has even appreciated against Gold by 1310894%.
Therefore, for conservative people GOLD is a great wealth protector but for those who a slightest risk taking ability BITCOIN is not only a wealth protector but great wealth multiplier too.
Make right choices.
For those who wants to understand issues in detail with historical perspective - I recommend them to watch Hidden Secrets Of Money by Mike Maloney