Lack of fungibility makes Bitcoin worse than gold in that area. Gold doesn’t have a “permanent record” like Bitcoin. It’s more like a virtual deed to a plot of land that you can’t rent or use
As gold price increases, more mining can be afforded. This helps stabilize its price because of increased supply.
As BTC price increases, more mining is still afforded, but this does not result in an increased supply and stabilized price, only in unmitigated high price and more energy spending.
