It at least is tied to a physical thing. There are then limits to how high gold can go in price as higher prices means more will come to the market to sell it because the higher prices are not viewed as sustainable.

Whereas with bitcoin, it is fairly unmoored from physical constraints.

There is no natural price for bitcoin.

It could go up forever or drop to nothing and both are acceptable valuations that would be hard to question -- because it is merely shared belief.