But the industrial usage of gold is far less than most/all other metals. Jewelry is a very specific product than can easily be recycled back into gold.
So do you think gold might lose its status to Bitcoin as a store of value?
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It is far less used, because it is expensive. Everyone would rather use Au instead of Ag, Sn and some others but the price is prohibitive.
BTC and Au are two different asset classes which not exclude each other as they might be even complementary. Without electricity and internet, BTC is useless but if you want to transport bigger sums than BTC is better than Au. Each has it's perks.
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And yeah I haven't really though about gold being more used if it was cheaper at least compared to other metals. But I think Silver still has some unique qualities like being able sterilize, doesn't it?
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Ag is the best conductive material, but is not as corrosive resistant as Au. Ag is also tarnishes, losing it's conductive properties where Au doesn't. Au is also an antibacterial and not toxic material and is used in medicine for this, even if we have cheaper alternatives.
As a fun note, Au is used as a lubricant in the industry sometimes :)
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lol, I just always took the 2% of gold mined is used in the industry for granted and never really thought about it. Guess there will be a significantly rising demand for gold in the industry as well.
Thanks for commenting your take!
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I think Bitcoin could gain the status as the de-facto new money standard. Then I would expect that every individual would (according to his risk assessment) hold a certain amount of his wealth in gold, for example to hedge the risk that some fatal bug in Bitcoin's code should be found.
yes or a hedge against global power outages that would make bitcoin nearly unusable.
I always thought of Crypto and precious metals being a good combo against huge Crash, but I think the non-Crash/soft Crash scenario is getting more likely in which only Bitcoin really shines.
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