One serious law (edit- flaw! not 'law' lol) in this.
The dollar was valued against metals (gold ).
The metal was the foundation.
Bitcoin is valued against a fiat currency....erm...
Metals have intrinsic value.
Fiat money doesn't.
Neither does bitcoin. (cost of production is not intrinsic value).
The intrinsic value of gold is fractions of what it is valued at. The vast majority of gold's value is due to its store of value and speculative properties.