Sometimes people overestimate the value of gold. If you do a thorough market study, you may realize that much of the liquidity of this is due to the fact that there are a lot of investors speculating on this, and a significant portion of the value of gold is also attributed to speculation, rather than to real use cases, as many people think.
No I'd say the opposite is true. Many underestimate how much gold is being used, the reason being its not used directly as gold coins so its not in appearance circulated. Bitcoin is used more directly and its much faster, more practical.
The majority of use for gold you should to would be the central banks who buy gold to hold as reserves. How its then used is in the currency and debt they issue, banks always leverage their assets and balance the two to make a profit. So when you use a dollar,
in theory it was linked to the gold in Fort Knox but now we have a system where dollars mostly rely on politics and schemes of trade like Oil being sold in dollars by foreign countries under protection by USA
There is no such theory
And there may be no gold in Fort Knox either. The last independent audit of the gold stored there had been carried out around 60 years ago (if I'm not mistaken). I'm surprised to see people here who still naively think that the US dollar is somehow tied to gold reserves that the US holds (even in theory). This de facto wasn't the case right after the Bretton Woods monetary system had been established in 1944, and gold was officially divorced with gold in 1971 at that. So even theoretically we are no longer on the gold standard anymore
