The real hazard in the scenario you share is Hyperinflation.
Yes, that is where I believe it is going. I think cash will first be very valuable, until it’s next to worthless.
Not only has there not been hyperinflation, there’s been deflation.
Cash is king during a banking crisis.
But cash is just another asset and its value (relative to other assets) goes up and down depending on economic circumstances.
To sleep at night be sure to own a variety of assets.