1. Gold-backed Cryptocurrency

• According to The Conversation, people thought that Bitcoin and other cryptocurrencies would do away with the need for gold mining. However, this is a myth.  
• While cryptocurrencies were originally intended to be a digital replacement for gold, they now rely on gold. With gold-backed cryptocurrency, tokens are backed with physical gold and their prices are pegged to current gold prices to reduce volatility.  
•  Moria Token (MOR), a cryptocurrency token sponsored by a gold mine in US (GS Mining Company), announced its launch in March 2021 on IDEX.io, which is among the "most advanced decentralized cryptocurrency exchanges" in the world. It is the only token based on revenue from a US-based gold mine, and it allows holders to gain from the gold mining revenue royalties as well as the trading values of the token. GS Mining Company sees this as a path to liquidity for its international investors.
• The "Perth Mint Gold Token" (PMGT) is among the top cryptocurrency tokens that are backed by gold in the Perth Mint. The Perth Mint is the "largest refinery of newly mined gold in the world". Any holdings in PMGT can be redeemed fully for physical gold with minimal liquidity.
• PGX, another cryptocurrency token, was issued by PhiGold to help raise capital for their gold mining operations in the Philippines.

• Investors are also buying gold to hedge against the volatility that comes with cryptocurrency. For example, when Tesla invested $1.5 billion in Bitcoin, they also expressed their interest in gold.

2. Technology and Hardware That Supports the Functioning of Cryptocurrency

• There is a common belief that cryptocurrencies are superior to gold, but according to the US Geological Survey, cryptocurrencies depend on gold and other minerals. This is because of the technology upon which cryptocurrencies are based, known as blockchain.

• Blockchain relies on computers, so it is also dependent on the minerals used to manufacture computers such as gold. Gold is highly conductive and it is used in circuit boards and hard drives.

• The rise of cryptocurrency has also led to a shortage of high-end graphics cards which are usually made of precious metals. These cards provide the computing power for blockchain equations needed for cryptocurrencies to function.

• The US Geological Survey predicts that the digital market will increasingly depend on gold and other traditional currency metals as more computing power is used in mining cryptocurrencies.