We keep hearing from the mainstream media how well the global economy is doing. While this might be the case, there are a number of countries who are not experiencing this. Since fiat is backed by nothing but confidence, when it falls, the currency becomes worthless. Economies that are collapsing, for whatever reason, tend not to draw outside investment. This creates a snowball effect putting more downward pressure on the national currency.
Cryptocurrency is a nationless, borderless asset class. Bitcoin is a monetary unit that is tied to no national entity. The backing is based upon the belief in the blockchain as opposed to any one particular government. Sanctions are useless against this asset since it operates on computers all over the world.
One major section of the early adopters of Bitcoin are those who do it out of necessity. As more countries find their economies in jeopardy, hence their currencies being devalued, the more people will turn to cryptocurrency. The advantage that Bitcoin, as an example, has over gold is that the returns are far superior. Also, if one is in a situation where physical escape is needed, Bitcoin is a lot easier to transport than gold.
