Gold has properties that cause people to trust it and value it as a medium of exchange.
Bitcoin may also have properties that cause people to trust it and value it as a medium of exchange.
The value that something possesses, arises from individuals making assessments and judgments about the functionality and usefulness of a good.
If most people believe that Bitcoin is more convenient and useful as a medium of exchange, then Bitcoin will have more value than gold -- in the minds of those people.
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