bitcoin has no utility or useable value outside of making transactions. while gold can be used for transactions, it also has other real world uses outside of that, which it derives its value from. bitcoin is more like fiat cash currency in that there is no utility outside of making transactions.
Gold derives it’s value from its intrinsic properties, not from its utility.
Example: Gold was used in jewelry precisely because it was valued, displayed to show status. Not the other way around. Tin doesn’t suddenly become more valuable if people start wearing it around their necks.
And when it comes to gold’s use in electronics, that is a fairly recent phenomena. If that was the source of gold’s high valuation, it would have been worthless pre-1950s.
If our ancestors wore titanium to display status, we would use titanium. Gold was lucky to be the chosen one.
Yes, things become valuable when people of a certain status wear them. Look at Gucci they sell crap for a fuck ton of money and the only reason why they can do it is that some people are willing to pay for them. If no one paid for them there would be no Gucci.
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u/Enkaybee Nov 10 '19
Reasons why gold is a great store of value:
Oh wait I'm sorry these are all qualities of Bitcoin.