Financial Fiction Friday #20
In The History of Gold, gold is described as being used for decorative uses since 4,000 B.C. and as an international medium of exchange since 1,500 B.C.
Crypto bros are going to have to be patient before Bitcoin can compete with that history as a valuable commodity.
Gold will likely never regain its place at the center of the global economy. Regardless of its use as money, however, gold has tremendous value for its use in jewelry, electronics, and other industrial functions.
A couple of stats:
Gold accounts for 40% of the global jewelry market ($100B of the $250B market annually)*
Certain electronics use gold as a key component** (maybe you've heard of them):
Video game consoles
Until Bitcoin has a toehold in the global economy for any useful reason other than hodling, it will never be able to be viewed on the same level as gold as a commodity.