[andreaorru]

That's not entirely correct. Less than half of the demand for gold is for jewellery, and only a tiny percentage is used for technology. Almost half of it is held in vaults to act as a store of value. [0]

Regardless of what the percentages are, the price of gold is mostly determined by speculation. It varies wildly during periods of economic uncertainty. Arguably, not because there's more or less demand for its industrial use cases, but precisely for the reason I mentioned: a big part of its value derives from being perceived as a safe haven for storing wealth and as a hedge against inflation.

Bitcoin positions itself as a direct competitor in that sense. Its main narrative in the past few years has been "digital gold" or "gold 2.0". It has some of the same properties of gold (scarce, difficult to produce) and some better ones (fast and easy to transfer, easily auditable, impossible to steal or confiscate).

I don't think Bitcoin is suited to be used as a currency to i.e. buy coffee. But it doesn't have to do that in order to succeed. Stablecoins are a better tool for that use case.

[0] https://www.statista.com/statistics/299609/gold-demand-by-in...