Is gold a good comparison though? Gold has value beyond fiat in manufacturing. If Bitcoin cannot provide value for exchange then why would it be a better store of value?
The non-loony ETFs, Swiss vault storage, etc. Let's simplify to "the GLD ETF" [1]. This of course isn't really gold, it's paper gold (and has in fact been fractional-reserve-banked: there is far more paper gold than actual gold).
The loony gold storage: gold bars under your pillow. Unfortunately, the gold people use for payments is extremely regulated, specific grades of gold, guaranteed by a very small number of financial institutions (and numbered). Whilst at least these are obviously not oversubscribed, if you have one you can't sell it (aside from the subdivision problem), because there's no easy way to verify the guarantees, and there are an untold number of fakes in circulation.
[1] tradingview.com/e/?symbol=GLD
They're stating that "intrinsic value", e.g. gold being usable for things other than trade, is not necessary for a tradable thing to have value. It is only necessary for people to be able to trust that the thing has value and having "intrinsic value" is one way for that trust to be gained.
With cryptocurrency, it's gained with a bunch o math.