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That's a fair use of the data, and you're right that investment was the largest single demand category for gold in 2025. But look at the full picture from that same WGC report: jewellery fabrication was still 1,638 tonnes and technology demand was 323 tonnes. That's roughly 1,960 tonnes of non-investment, physical consumption demand - nearly 40% of total supply. Even with investment overtaking jewellery, gold still has a substantial demand floor that exists entirely independently of speculative capital. Bitcoin's equivalent figure is effectively zero. Your broader point about stablecoins and DeFi building on other chains is interesting though, and arguably undermines Bitcoin's utility case further. If the actual payment and financial infrastructure is being built elsewhere, Bitcoin's role narrows even more towards store of value and speculative proxy - which loops back to the dependency on sentiment and capital inflows we've been discussing. You've essentially described Bitcoin's current position as a brand-recognition trade rather than a utility play, which is honest but not exactly a fundamentals case.Either way, probably the most productive exchange in this entire thread.
I'm not a Bitcoin maximalist by any means, and I have no idea where the baseline level of demand is, so I'll leave that topic alone, but I do know that investment demand was [the single biggest source of demand for gold in 2025](https://www.reuters.com/world/china/global-gold-demand-hits-record-high-2025-wgc-says-2026-01-29/). >GOLD INVESTMENT AT A RECORD HIGH The WGC expects another year of strong inflows into gold-backed exchange-traded funds and robust demand for bars and coins. ETFs saw inflows of 801 tons of gold in 2025, while demand for bars and coins jumped 16% to a 12-year high. Overall gold investment demand soared 84% to a record high of 2,175 tons in 2025. However, the WGC expects record-high prices to hit jewelry demand this year and will slow down purchases by central banks to 850 tons from 863 tons in 2025, even though their buying remains elevated when compared to the pre-2022 level. All the stablecoin issuance and de-fi infrastructure is being built on other chains, so I think those are more likely to benefit from any kind of wider crypto utility and usage, but I do think Bitcoin is seen as a cryptocurrency proxy by the wider investment community right now, along with MSTR and COIN stock as well. If someone wants to dip their toes into investing in cryptocurrency, they look at those three first, and maybe Ethereum as well. That can absolutely change over time, and many people expect a flipping in market cap at some point, but for now the first mover advantage and network effect has held up.
Post is by: IntrepidWolverine517 and the url/text [ ](https://goo.gl/GP6ppk)is: https://finance.yahoo.com/news/british-companies-lose-80m-piling-065600420.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADWWUd8oFvAlP0NnVUcrSDfXYxmDA1mQPwyLjCE5gT97pvOm8fpi1BZpTuGTDOGP1T6zrLXi7WqraUVhu2sq7F5WGC81pu9jsOe1AObJB_7pQSjQ-sUw1Rqje-A5wmrnn9moh8gS1-zZ8Hj4XbKSBOdpTVODCY_Ps02_NivET449 Just more than half the losses have been felt by the Smarter Web Company, a Guildford-based web design business that jumped into cryptocurrency earlier this year and floated on the Aquis Stock Exchange. The company was valued at £4m in April but its market capitalisation soared to £1.1bn in June – making the company worth more than Pets at Home, WH Smith and Wetherspoons. Shares have now fallen by more than 90pc since their peak, although they still remain 14 times higher than when the company listed. Andrew Webley, its chief executive, said that “a lot of people had jumped on the bandwagon” and the company was going to “keep buying Bitcoin for many years”. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*
Central banks reported 22 tonnes of net gold purchases in June, 123 tonnes in H1 - WGC
https://www.usfunds.com/resource/central-banks-are-buying-gold-at-a-record-pace-so-far-in-2023/#:~:text=Central%20banks%20accumulated%20gold%20at,Council's%20(WGC)%20Krishan%20Gopaul. LOL
"Turkey, Uzbekistan, Qatar and India, but the WGC said _a substantial amount of gold was also bought by central banks that did not publicly report their purchases._" What a beautiful way to say Russia without saying it.
Current administrations include entities such as the IMF, WB, WGC, etc. There are many more interested parties who would be interested in leveraging somebody like bernaki to help with massaging the masses than just jpow, yellen, and friends.