If you have invested in gold or bitcoin at $1000 per unit, does it matter if the price after the faith in its value goes away is $0 or $10?
The vast, vast majority of the price of gold is the same "it is scarce and other people value it so I too value it" that composes bitcoin or usd or any other thing you consider valuable.
By comparison, a lot of metals like aluminum have relatively low portions of their valuation wrapped up in stores of wealth.
We really should strive to replace gold with crypto. All the gold reserves in the world could be put to much better use than sitting in a vault as bricks. The artificial price inflation caused by the use of gold as reserve has inhibited its use in many practical applications due to its dramatically higher price per gram compared to many other metals in similar problem domains.
The vast, vast majority of the price of gold is the same "it is scarce and other people value it so I too value it" that composes bitcoin or usd or any other thing you consider valuable.
By comparison, a lot of metals like aluminum have relatively low portions of their valuation wrapped up in stores of wealth.
We really should strive to replace gold with crypto. All the gold reserves in the world could be put to much better use than sitting in a vault as bricks. The artificial price inflation caused by the use of gold as reserve has inhibited its use in many practical applications due to its dramatically higher price per gram compared to many other metals in similar problem domains.