The (relative) price of gold has always been high. For example, in 1900, the price for an ounce was about 20 dollars. Just think about it, at that time, how many silver coins could an average Chinese person earn in a year? Institutions like central banks of various countries hoarded gold in large quantities. However, the proportion of gold held by ordinary people has been increasing. Nowadays, even the lowest income earners have to buy a gold necklace or gold ring when getting married. Of course, the amount of gold each person holds is very low. The foundation of the Bretton Woods system was the fixed link between the dollar and gold (one ounce of gold equals 35 dollars), and the collapse of the system was also due to the market price of gold clearly exceeding 35 dollars. The principle of Bitcoin is the same.