...
Because everyone knows they can't trust a new untested technology. Gold has a couple 1000s years of reliability under its belt.

And people don't hold gold as an heirloom because it is a unit-of-account. They do it because it feels impressive in their hand, and they feel confident it will represent a store-of-value that will outlive their offspring. No one can claim that with a straight face about BitCON.

People are holding BTC in the expectation it will be worth more and spendable on the Internet during and beyond the crisis we face. This is why Bitcoin needs to decline to $50 in order to scare some of them into selling. Once all the weakest of the strong hands have capitulated and their confidence broken, then we will be ready for a new speculative fever in BitCON again.

We need many people to hate/dismiss Bitcoin again like they did after the crash from $30, to reset the speculative opportunity again. Speculative pumps are created by people who can buy very cheap. Remember this, BitCON is not an ideology. It is a speculation. We tend to forget why people buy BitCON (because they conflate a lot of ideological tinfoil hat crap into their muddled thought process[1]).

Ditto gold.

I still think the low is not yet done. But I might be wrong.


[1] Look I used to do that too. I now realize why I lost my 18,000oz of silver was partially due to being irrational about ideological tinfoil hat type fears and thought processes. I also lost it for other unrelated reasons, but the tinfoil hat delusion shit was one of the reasons.