[mrkstu]

They (i.e. materials like gold/silver) have inherent value as being relatively difficult to obtain without significant work and being useful in creating valuable objects.

Because of those properties they become a store of value (representing the work and rarity) which then makes them a useful proxy for trading that value, which increases their rarity/value by taking it out of circulation when used as a store of value.

[Robotbeat]

Still, it should be said the vast majority of the value of gold is contextual. Just like aluminum before we perfected ability to make it cheaply.

[codedokode]

Can we conclude that gold is similar to cryptocurrency because of this?

[mrkstu]

As a store of work, sure,

The difference being the currency in this case has no inherent value to fall back upon.

[nailer]

Why do precious metals have inherent value?