Gold has numerous applications. Bitcoin's only application is inserting information in an append only ledger. It's among the most durable ledgers, but also the most expensive and slowest to insert into.
Gold doesn't derive its value from those applications. It is valuable for the same reason as Bitcoin is: I can't create it out of thin air to screw you over when I settle a transaction.
Settling a transaction might be in this case the ship with the gold sinking in the ocean.
This is one of the primary reasons Bitcoin exists. As long as I can remember the seed phrase itβs always with me. And main reason why I would rather have bitcoin than gold.
Transporting all that gold will be a tad more difficult though. I wish they luck though.
Banks commonly deposit gold at other banks or branches in other countries precisely to avoid the sinking ship problem. Paying with gold turns into an accounting transaction or into a visit to the vault.
