>>510153622
There is no utility apart from doing criminal activity. Drug money transactions, wondering money, criminals storing money, scamming schemes etc etc. That's like 99% of the crypto.
>Scarcity
Nope, there is no scarcity of gold, quite the opposite. I collect gold since a kid, used to work in a jewelry shop since a kid like 10 years old. Since then I follow the market and collect gold when I have money stashed away. I usually buy cheap stollen golden rings/necklaces/earrings etc. from gypsies, melt it into blocks and let it rest. I have a huge ass jewelry safe as big as human from 20 years of collecting. Never sold anything, I'm 31.
So, having that in mind, there is too much gold and everybody knows that. Companies that mine it artificially slow down production to make scarcity, they are all together on it. Also the traders/sellers etc people who sell it artificially bump up prices, same goes for the people who process it. There is shitton of gold in reservers that is not even registered (for example like mine, which is nothing) and shitton ready to get mined. Not to mention every country lies about their national bank reserves.