Until recently, gold was considered a safe haven currency, unlike cryptocurrencies, which were considered a rather risky asset, but recently the price of gold has risen so much that it has become unsafe to invest in it, because there is a simple law that if an asset is expensive, then when investing in it, it can collapse at any time.
At the same time, everyone continues to invest in gold because they don’t know any other way to save their money.
Gold is still considered a safe haven because, in the long run, the price of gold has consistently increased. According to
TradingView, the price of gold has grown 5% in the last 5 days, 10% in a month, 24% within 6 months, 41% in a year, and 100% in 5 years. This proves that the price of gold mostly appreciates in the long run, and short-term volatility doesn't affect that. This is the reason why people consider gold as a more stable way of storing their wealth, because they know their money isn't going to lose value overnight, unlike Bitcoin, which can have very quick price changes.
Other than that, gold has also been around for centuries, and for that reason, most people trust it more than assets that have come barely two decades ago, such as Bitcoin and cryptocurrencies. Bitcoin is the choice of those who want quick profits, but gold is the choice of those who want steady long-term profits and an intact value for the money they invest in it.