Gold has no intrinsic value. It was used as the standard before, now it's just a different standard - central banking/money printing. The world economy outgrew gold. But to your point, gold has no intrinsic value. it's just a shiny metal. It was used as a standard before, no reason why that should continue indefinitely.
Well actually it's overvalued due to manipulation and jewelry. If people did not like gold jewelry it would start going down. I guess one of the real usages are in electronics.
I'd actually buy more Bitcoin that gold if I was investing. I'd buy both, but Bitcoin has potential to rise much higher than gold does.
Don't forget that bitcoin has potential also to be worth much much less. The main problem with bitcoin is that Bitcoin has been on a roller-coaster ride, losing more than half its value last year. And bitcoin is not backed by anything more than basic laws of economy and mathematics. That is the reason we now see more altcoins backed by interesting concept - a real life commodity. After all digital currency backed by a physical commodity will be more appealing than volatile bitcoin.