This is how I interpreted it & I'm no expert to be sure.

Velocity of money drops, liquidity rapidly drains from the market & assets lose value overnight. The Fed doesn't jump in to save the market by pumping in liquidity. Things start breaking everywhere, banks start failing & nobody can get their cash out.

All fiat deposits & income (except for a few chosen ones) disappear.

Loans still require servicing which drains more fiat. Bankruptcies everywhere but nobody to buy the assets. Asset values drop further.

A possible 6102 on gold & bitcoin making both worthless in the short term. I think bitcoin would arise as a black market money to pay for goods but it's pretty useless for servicing loans & land taxes.

If you're a homesteading Bitcoiner, how do you pay your land tax & mortgage with little income? If you can sell Bitcoin, it will be at an extreme discount.