I don't think it's one or the other. I think both are great investments and both good hedges. In all honesty I think a rise in cryptocurrency will really help the sales of gold. If cryptocurrency takes off it will signal a change in the general populations attitude towards value and where they place their truant and I think gold and cryptocurrency will compliment each other over time.
Though both are great investment assets, one can be termed as volatile and unstable and the other we are know to be very stable so the best bet is to invest in both so that when the other fails you, you will have somewhere good to land.