In the face of macro - economic recession expectations, the perception of cryptocurrencies as assets varies. Some investors may see them as a hedge against economic instability, similar to gold, if they believe that cryptocurrencies are not closely tied to the traditional economic cycle. In this case, the price may rise as investors seek safe - haven assets. However, others may view cryptocurrencies as risk assets due to their high volatility. If so, the price may decline as investors reduce their exposure to risky assets during an economic downturn.