Everything with investments are speculations. For example BTC is currently at a lull. With these currency/investments IMHO it's better to have a bit of each to buffer against any sudden collapse.
We need to stop this obsession with gold. IMO, gold and cryptocurrency are entirely different assets. Gold is not a threat or a competitor for Bitcoin (and vice-versa). I would go one step further and say that even fiat currency is not a competitor of Bitcoin. Since Bitcoin is being used as an investment asset, the real competitors are other assets such as real estate, equities.etc.
Literally, gold is good but it is not like there is no other good things. Gold is serving its own purpose. It is a jewelry Honestly, what else can we do with it. It is no more a medium of exchange, not an investment either. Bitcoin and altcoins are investments at present, helping thousands of people around the world. They are also being used as medium of exchange at some places.
I think the main thing with gold is that people throughout time BELIEVE it have value. Almost no one investing in it think of the (mostly electrical) applications.
At this point in history it's cumbersome as a currency but people still think it's "safe" and still invest in it. If ever there's a push to bring back the gold standard I think it'll be nice to have some.