Well, in the context of having something to "back the value" of a currency, that seems to be what's important because "the gold standard" is the gold standard of backing value, and I don't see how gold has any value that bitcoin doesn't in this regard. It's the limited quantity that gives it value (the ability to use something as a currency makes it valuable as a currency). The only thing that bitcoin is missing that gold has is the ability to melt it and wear it on your finger or neck. That might be the "value" of gold that bitcoin doesn't have. But when you look at all the gold sitting in Fort Knox, do you really think it (at one time) was functioning as a backing for currency because it was able to be turned into jewelry? I think it functions as a backing because of its scarcity, and its ability to be turned into coins (currency), not because of its intrinsic value as jewelry.