Gold is not inherently valuable. It's useless. That's why it was used to mint coins in the past, plus the fact that it's hard to get means counterfeiting is hard. Then people started attaching some mystical value quality to gold itself.
Debt, however, is valuable. It's a direct expression of things owed and I very much like being owed stuff. Especially when I can choose what that stuff is later at my convenience.
Debt, however, is valuable. It's a direct expression of things owed and I very much like being owed stuff. Especially when I can choose what that stuff is later at my convenience.