IMO, simple answers to complex questions identify a need for a better understanding of the topic. And I consider this a complex question.
Let me explain with a long answer to a short question.
Preserving purchasing power is the first objective of market crash preparation. We want to preserve or increase the holdings of our dominant currency during a market crash.
It can be easy to identify ways to do this; however, much more difficult to execute.
The first order of business is to remove any belief you have about coming market crashes, inflation hedges and safe investments.
There is no “one size fits all” approach to prepare for market crashes.
When markets crash, almost everything sells off. Almost.
Why?
Cash is required to operate your house, business, etc.
Gold sells off, Bitcoin sells off, etc., etc., as investors rush to safety, which in modern times has often been liquid USD and US Treasuries.
Perhaps the best alternative is to short the market. But shorting stocks or the market is difficult and risky. When you buy a stock, the lowest it can go is zero. When you short, there is no limit to how high it can go. Often, a short squeeze happens, and the move higher is quick and painful. Shorting is difficult.
Remember, there is always a Bull market somewhere and long positions have less risk than short positions.
One of X’s more obnoxious commentators effectively disseminates his market crash is coming narrative. They have shorted the stock market for the past few years with horrible results. The commentator personifies the term “confidently wrong.”
So, remove your beliefs about impending market crashes, inflation and safe investments. One needs to go with the flow and follow the trend.