Last week, Peter Schiff was a guest with Nicholas Merten of DataDash. In comparing and contrasting Bitcoin and gold, Peter brought up the fact that gold has intrinsic value outside of its use as money. People want to own gold because of its unique qualities.
The reason gold became money in the first place is because everybody wanted gold because of what gold is, because of the tangible, physical properties of that rare element – all of the things that you can do with the metal. It is a luxury good that people have desired for time immemorial.”
And in recent years, gold has been increasingly valued for its use in various technological applications. In a report late last year, the World Gold Council reported the demand for gold in the technology sector has been growing since 2016 and that growth is continuing to accelerate due to new innovations.