Here are some reasons:
Taking a long on gold is hedging against general fear in the economy;
Taking a long on bitcoin is investing in a technology that lots of people believe may change the world.
The intrinsic value of gold is that it looks shiny;
The intrinsic value of bitcoin is that it is easily convertible to other cryptocurrencies that start to have more and more technological use cases.
Gold has golddiggers;
Crypto has miners.
If you buy shares in gold you often don't really own any gold;
If you buy bitcoins, you own the bitcoins.
The only reason for the price of gold to increase is that everything goes to shit or a sudden increase in the demand for wedding rings;
Bitcoin can go up because there is scope to improve its utility.
My grandma invested in gold;
My grandma does't know what bitcoin is.
