Gold's industrial uses are irrelevant and play little part in its value. Its fundamental value comes from its physical properties which make it uniquely suitable for use as money. Gold is wealth and has been for 5000 years. Its intrinsic value is whatever price you need to cover the world's wealth.
Gold is different from Bitcoin because it has fundamental value. Bitcoin only has speculative value but like all speculative bubbles it will eventually pop.
Any currency backed by real money: gold.
Wealth exceeds the value of gold at the current gold price.
But if everyone needed gold to replace their wealth, the price would only go up.
Of course that's why there are other metals.
Gold's industrial uses are irrelevant and play little part in its value. Its fundamental value comes from its physical properties which make it uniquely suitable for use as money. Gold is wealth and has been for 5000 years. Its intrinsic value is whatever price you need to cover the world's wealth.
Gold is different from Bitcoin because it has fundamental value. Bitcoin only has speculative value but like all speculative bubbles it will eventually pop.