It does, but that only establishes a low floor on the price of gold. If it had no value as a store of wealth, it would plummet in value to a tiny fraction of what it is actually worth.
Bitcoin has a floor of 0 in theory.
I would also guess that makes gold better as a store of wealth. But given that the price rarely ever approaches that floor means it might not matter. And bitcoin is harder to steal (at least you don't have to pay someone to guard it in a vault), easier to divide and transact and verify ownership. I don't claim to know how it will turn out.
I wonder about the value of gold. You might buy gold, but can you actually, physically hold it and own it?
As far as I know, the only way you can buy gold is if you either buy jewelry or are a jeweler to make said jewelry. Otherwise you’re just buying stocks which could theoretically be lost in the digital wind.
Depends on the weight of the coin, but 1+ oz. can be as low as 1% above spot (bare gold price), where 1/20 oz. can be as high as 10% above spot. So 1-10% markup for most purposes
It's better in some ways and worse in others. It could be a lot easier to hide a key than a gold bar. You could still use bitcoin to buy your way to freedom, and there would be a black market for it if there's any way to get online, which there will be. The value is supported outside the country.
It's not clear to me that gold is superior in that use case.
Bitcoin has a floor of 0 in theory.
I would also guess that makes gold better as a store of wealth. But given that the price rarely ever approaches that floor means it might not matter. And bitcoin is harder to steal (at least you don't have to pay someone to guard it in a vault), easier to divide and transact and verify ownership. I don't claim to know how it will turn out.