I do remember when the price was nearly 40K so many people were saying it's the bubble and they were waiting for the price to fall and give them a change to buy, now it's it's above 50K and still some people don't believe how the price is rising. In less than 12 months ago, bitcoin was less than 4K and just imagine how much profit they could take out if it by investing even a little amount of money. However, I still believe bitcoin can rise even more because there is even more interest to it in the work and more companies are investing on it.
Gold has little to do with inflation. It has a good correlation with real interest rates. Gold may fall due to rising interest rates (for example, the US 30-year Treasury bond has risen by more than 20% year-to-date).
Bitcoin may be more similar to growth stocks. Because of FOMO and belief in its long-term prospects (actually the entire crypto industry), people seem to join in. BTC does not pay any interest, so if it is not viewed as a growth story, it will have the same limited utility as gold. The day it becomes a stable holding of value (for example, it does not fluctuate wildly in double digits every month) is the day it becomes boring like gold.