Bitcoin and other cryptocurrencies have utility as well though. Monetary transactions, as enabled by Bitcoin, have utility, otherwise we would have neither banks nor credit card companies nor remittance services.
On the other side if you look at gold purely from a utility perspective, we are looking at a clearly over-valued asset. If industrial (and cosmetic) utility were the only determining factors, gold would (1) be less over-priced in comparison to other metals that see comparable practical use and (2) not run counter-cyclical to economic growth (unlike platinum, for example).
Millions upon millions of men and women use gold daily to adorn their bodies. We all use electronics that have trace amounts of gold in them. Gold is used in dentistry, medicine, aerospace, and elsewhere. More than two-thirds of newly produced gold is utilized this way. Meaning, gold has utilization capacity and we can use gold to compare it with other goods or services. In that way we can determine whether gold is overpriced or underpriced. For example, we empirically know that a gram of gold has lower utilization capacity than a car, and higher utilization capacity than an egg. So if it is priced above a car, we would immediately know it is overpriced. If it is priced below an egg, we would immediately know it is underpriced. In short, things with utilization capacity are not scams.
Bitcoin and other cryptocurrencies have utility as well though. Monetary transactions, as enabled by Bitcoin, have utility, otherwise we would have neither banks nor credit card companies nor remittance services.
On the other side if you look at gold purely from a utility perspective, we are looking at a clearly over-valued asset. If industrial (and cosmetic) utility were the only determining factors, gold would (1) be less over-priced in comparison to other metals that see comparable practical use and (2) not run counter-cyclical to economic growth (unlike platinum, for example).
Monetary transactions are enabled by internet and miners equipment, not by Bitcoin. Bitcoin is a spreadsheet entry which has no utility. Egg and gold have utility because humans can consume them for fulfilling their needs. With spreadsheet entry, no human needs can be fulfilled.