gold has always been a weird instrument since it was decoupled from fiat currency, and it has a unique position because it has been around for a long time so in

gold has always been a weird instrument since it was decoupled from fiat currency, and it has a unique position because it has been around for a long time so investors sort of understand it. the value of gold is determined a lot by confidence in the asset's performance as a "non correlated" backup medium of exchange. there is a long track record here, which matters, despite how "soft" and "squishy" this line of thinking may seem to someone who doesnt work in markets. bitcoin doesnt have this: it is not widely used as a store of value, and it does not have a track record. basically, the perceived probability of it going to zero is infinitely higher than the perceived probability of gold going to zero this article does a much better job than i just did: http://www.businessinsider.com/economist-jim-rickards-bitcoin-versus-gold-price-manipulation-2017-12 http://www.businessinsider.com/economist-jim-rickards-bitcoi... and heres an intersting history of gold: https://www.investopedia.com/articles/investing/071114/why-gold-has-always-had-value.asp https://www.investopedia.com/articles/investing/071114/why-g...