The dollar holds value in tough economic times because it's the exit-channel for a lot of sketchier assets. You sell your quetzales and lempiras (or iffy stock

The dollar holds value in tough economic times because it's the exit-channel for a lot of sketchier assets. You sell your quetzales and lempiras (or iffy stocks and bonds) when the market starts to tremble to get back to relatively reliable dollars. When crypto implodes, what are people going to drop their shitcoins for? I could see a few possible answers: * They'll accept BTC or Ether because it's what they can easily get to in a pure-crypto market. If there's enough turmoil, major fiat offramps may be overburdened. * They'll pile onto stablecoins (likely because exchanges present it a default way out, and sure, they'll exchange for dollars some day) running the risk of triggering further contagion to stablecoins themselves. * They'll take fiat at increasingly terrible exchange rates just to get out of the dumpster fire.