It's mostly correct except it's just the governments that agree to take gold and silver to settle debts (no, going off "gold standard" did not change this, gold and silver are still accepted as bank reserves around the world). And governments have the power to take your property to settle your debts with them. So for anyone, who is a subject of a government assigned debt (via taxation usually), gold has very practical value as it allows to keep one's property.
The same is not generally true for crypto, perhaps in El Salvador they really take crypto to settle taxes but in any other country crypto only has value because of speculators.
> the governments that agree to take gold and silver to settle debts (no, going off "gold standard" did not change this, gold and silver are still accepted as bank reserves around the world)
Really? Can you point us, or perhaps just me, to something that explains that and which countries this applies to? I think that I'd have a hard time paying the Norwegian tax authorities with gold or silver. In fact even paying them in cash would be difficult.
The same is not generally true for crypto, perhaps in El Salvador they really take crypto to settle taxes but in any other country crypto only has value because of speculators.