people will turn to other precious metals rising that metal value
- if gold prices reach a too high level we might see Alchemy becoming real in the form of nuclear transmutation.
None can happen with BTC
And don't forget that there is still the possibility that an asteroid like the one in Jules Verne's story might crash down to earth. Grin
Nope, unfortunately for gold bugs, a gold-backed economy will never happen again.
Well a gold based world money standard already happened. To some extent this is still there but only as a small reserve do central banks keep gold. China used to have no gold but are raising it every year for over a decade now and Russia also has opted to keep a gold standard
Asteroid -- gold melts at a low temperate relatively. Any gold incoming would be dispersed widely, most of the world is water and its already true that the oceans contain giant reserves of gold however its very hard to get at and collect.
Nuclear - sure its possible, I wont discount genius but today its not a reasonable way
Alternate metals - totally will happen, silver copper and many precious metals are there. Every capitalist system has competition for pricing and utility. However I trust that time and elemental reasons continue to make gold the most likely successor to the debt situation we have now.
I'm not a gold bug, gold has no yield and good business will always be worth more, grow more and be more profitable but the world needs to have a way to store value. Ironically gold is useful for not being used in industry as much as oil or alternate standards to back a nations money