when we talk about why gold is a store of value, imo it is not because of its intrinsic value, just simply because of the cost of gold mining. Take a long term perspective, whenever it is relatively easy to find or mine, its price
is low and when mining become more and more costly, its price go higher, as a long term trend.
I got a hunch you are mistaking cause and effect.
People start mining gold in places that would have been ignored for cost reasons if the price rises enough. Same for oil etc ...
So as bitcoin. when mining is more and more difficult, the mining cost is bigger and bitcoin price gonna be higher in long term, regardless if it gonna be a global currency or a store of value. the long term price movement is the store of value.
So, in other words, you are saying, if the asic vendors double the price of mining hardware bitcoin prices will double because mining is now twice as expensive???
