It's a deflationary store of value.
What is Gold valuable for? It's a deflationary store of value (though it does inflate slightly so it's not as good as Bitcoin in that sense).
Deflationary stores of value are valuable.
It's the same reason why a battery is valuable if you have solar panels. It captures excess energy from the system and allows you to store it for later use when you actually need it (like at night when the sun doesn't shine).
When the Fed is printing tons of money, the sun shining... You don't know what to do with all that excess energy. You could buy more electrical appliances to consume that excess electricity (e.g. invest in that hot new startup), but you already have more of them than you know what to do with... You may as well store that excess energy to use later for a rainy day.
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