[magpi3]

I am aware of that of course, but gold jewelry itself generally has very little intrinsic value (it's only valuable because people agree it is, just like bitcoin), and most elements (such as silicon) in electric components are much cheaper than gold.

The prime driver of gold's value is clearly its historical role as a commodity and its scarcity, neither of which are related to any kind of intrinsic qualities.

My point is that the two things gold has going for it (scarcity and the fact that people believe it is a good place to store value) can now be said about bitcoin as well from what I can see.

Full disclosure: I do not own any cryptocoins. Too volatile for my tastes.