https://electroagenda.com/en/bitcoin-objective-value-caculation/
I understand that you can hardly know how much gold there is in the world. In that sense, the price of gold is quite speculative.
However the amount of BTC is deterministic. So beyond the discussion of the inherent price of BTC (that could be none) I think that property represents an advantage of BTC over gold.
If the demand is driven by some common belief that it will keep going up which in turn drives the price up which supports that common belief which in turn... - I'm not an expert on market dynamics to predict when and how those things end; it could end very badly when the trend reverses and it can also make some people a lot of money in the meantime. But it's a speculative game in its nature, there isn't anything fundamental that says that Bitcoin needs to have any relation to money supply at all.
Are you referring to the gold standard[0]? As you can see from the Wikipedia page, that concept has long been abandoned by national banks.
So there is no special relation between gold and money supply nowadays (at least not one that differs in any meaningful way from any other natural resource).
Even if all the financial demand would go to zero, the price of gold would not go to zero.
https://www.investopedia.com/financial-edge/0311/what-drives...
The only way quantity in existence matter is if it makes people believe that it makes it less worth.
So if I hypothetical conjure a few tons of gold as long as no one believes it makes a difference it doesn't, but if a make people believe there is tons of more gold then they thought I could make the market crash without the amount changing.
Similar if I make people bribe Bitcoin gets outlawed by the whole world, Bitcoin can crash without the amount changing.
Or in other words, it doesn't really matter weather the quantity for good it's know as long as it's generally beloved that is "low enough".
Similar it doesn't matter that BTC had known limits as it does crash (or spike) due to external factors.
https://www.investopedia.com/financial-edge/0311/what-drives...
I would say that a non-small part of it's jewelry usages is either because of it's perceived value or wouldn't drive the price nearly as much, sure people would still buy gold jewelry if it would not be perceived as that expensive, but they wouldn't be willing to pay nearly as much as they do today.
As far as I can tell at least 50% maybe up to 90% of the value is "believe" based.
But that doesn't mean it's a bubble or anything like that, believe drives value all the time and can be long term stable, as seen in the history of gold. (Through gold wasn't always in that position, silver was in golds position before the western world ran into a major trade deficit with china and mined much more of it, similar there had been cultures where gold was see as nice looking but otherwise worthless gifting it away to colonialists, which lead to misunderstandings about the amount of gold available.)
And for BTC wether a new crypto is made or not doesn't really matter that much. (Through it can, if it implicitly shakes the believe in BTC, which is quite unlikely.)
(Also some crypto currencies are build with different marked mechanism in mind, where minting new tokens is not just possible but expected/required.)
If BTC is gone, outside of the lost money, there would be no real life impact.
The "real" intrinsic/industrial value of gold is a fraction of what it is currently priced at, since industrial use of gold amounts to around 10% of the gold usage.
But I'm glad you agree it's actually used :)
The demand for Bitcoin is 100% speculative. There’s still no economical application (if someone knows otherwise, I challenge you to prove me wrong). Put in another way: Bitcoin does not satisfy any sustainable need.
Imagine this:
Sand grains on earth: 7.5 x 10^18
1 bucket ( lets say liter ) sand: 2 x 10 ^ 7 grains
So sand on earth : 3.75 x 10 ^ 11 buckets
M2 ( according to article ): 95 x 10^12
One bucket of sand objective value: $253