I am not an oracle, so would appreciate other perspectives on this. My base case is that it will act like a sponge and will appreciate while other assets depreciate. It will gain strength from the weakness of other markets, as Step 13 suggests.

However it could also drop in value. If people are forced to liquidate their assets for life's necessities in the deflation and if you get cascading liquidations on exchanges. The important point however is that it is not part of the collapsing credit system, it is pristine collateral and highly liquid. It is also increasingly being viewed as a 'safe haven'.