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Gold has a lot of applications besides wealth accumulation, electronics and jewelry together makes almost 2/3 of demand [1]

[1] https://www.statista.com/statistics/299609/gold-demand-by-in...

Drying machines makes life of a lots and lots of people more comfortable. Hundreds of millions is my lower estimation, maybe even billions (if we include industrial dryers used in textile and clothes-making). Useful segment (eg except speculation and illegal activities) of Bitcoin operation is consumed by millions of people tops, two or three orders of magnitude less. And I never heard about using dryers for drug trade.



95% of existing gold is used for store (including jewelery) [1]; not for industrial applications.

[1] https://www.bullionvault.com/gold-guide/why-gold




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