While I agree with all of that, what's the adoption of gold? It's almost entirely stored in vaults as storage of value and never "used", not even looked at.
I still believe in crypto as a store of value and hence as a possible future global currency, but 10+ years later and it's still almost entirely speculation.
Recently, some big names (Saudi Arabia, Brazil, maybe China) are moving off the dollar and in search of a new global currency. Let us see.
Edit: Looks like about half is in the form of jewelry gold, which is a lot more than a little. I wonder how much of that jewelry is ever "used" or if it's stored in a vault as an asset. I hope it's able to be seen!
To be fair, gold has had atleast 1000 years to gain adoption as money by half the world. Crypto in comparison will probably reach that level of adoption after 30-50 years of existence.
Gold didn't reach its current adoption over 1000 years. It always had the current adoption rate. 1000 years ago, if someone gave you gold, you wouldn't wonder, "gee, should I keep this shiny yellow metal or throw it away?" - you would keep it.
We've found gold ornaments in pre-pottery neolithic sites dating back thousands of years. The % of people who want to own gold was near 100% even thousands of years ago.
If anything, gold adoption rate has declined in the modern fiat age, at least in western countries.
I still believe in crypto as a store of value and hence as a possible future global currency, but 10+ years later and it's still almost entirely speculation.
Recently, some big names (Saudi Arabia, Brazil, maybe China) are moving off the dollar and in search of a new global currency. Let us see.