The best gift, no doubt, would be gifting the Bitcoin itself I mean who hates free money???

Just kidding. It depends on who you're planning to give it to. For a fellow crypto enthusiast, gifting a hardware wallet or any other crypto-related merchandise would be acceptable. But I don't think people who are not into crypto would appreciate such gifts lol. For normies maybe gift them paper wallet/hardware wallet with Bitcoin in it. It adds incentives for them to learn more about Bitcoin, effectively introducing them into crypto.