First, investing in Bitcoin is riskier than gold. But since Bitcoin has been around for 14 years, people have believed in their hearts, investing in Bitcoin is unlikely to cause a huge loss. Compared to investing in gold, investing in Bitcoin has many advantages. You can sell Bitcoin whenever you want without going to any market or store. But in selling gold, you must go to a market or a gold shop. Investing in Bitcoin has many advantages over gold in many other ways.
Advantages are enough or not enough to convince people to choose Bitcoin than gold, it's personal choice and if a person sees advantages outperform disadvantages, he will pick Bitcoin. Oppositely, he will reject Bitcoin and pick gold or other assets.
The elderly will tend to reject Bitcoin as they belong to old school generation and less likely to accept new technology like blockchain and new modern asset like Bitcoin. With them, advantages are not enough as they need something they are familiar with so that they feel safe with it.