Everyone will say scarcity is expensive, the gold is scarcity the same as the bitcoin.
I can't find the reason from the gold valuable.
It can't do anything worth thing...
If you reffering to long term investment i will go for gold and if i go for short term investment then i will go to bitcoin why? Because gold have a longer life than bitcoin because bitcoin has maximum value and maximum count unlike gold if you storing it a long long time it will be more valuable.
If gold have high value then it does not mean it will affect the bitcoin value and demand for me still the most wanted investment is the bitcoin and will prefer bitcoin only, gold is not safe to have for the long time because if we are having gold in our home it is full of risk if we will invest in bitcoin then it is safe, why? Because you cannot carry all of your gold with you but you can have all of your bitcoin with you any time just because of the bitcoin wallets.