Bitcoin is clearly not fiat money. Industrial Use Doesn’t Make a Good Money According to the latest annual data from the World Gold Council, total gold demand is broken down into the following uses: jewelry (55%), investment (25%), central banks (12%), and industrial (8%). According to the latest annual data from The Silver Institute, total silver demand is broken down into the following uses: industrial (51%), jewelry (17%), investment (27%), silverware (4%), and hedging (1%). Indians, Chinese, and other Asians account for a large portion of global gold jewelry demand. While there isn’t precise data, I estimate that many people also use gold jewelry as a store of value—a monetary use. Putting it all together, I estimate that monetary uses are responsible for around 86% of gold’s demand. Industrial and non-monetary uses account for a relatively small part (14%). Silver is the opposite. Industrial and non-monetary uses account for about 73% of its overall demand, with monetary use making up 27% Finally, Bitcoin is a purely monetary good; it has no industrial or non-monetary utility. However, that is not needed to make something money. The use of something as money itself is sufficient for it to be money. https://www.zerohedge.com/crypto/3-things-most-people-dont-know-about-gold-bitcoin-and-money