Traditionally, gold is a "safe haven" investment. This is particularly evident in the various economic crises that have occurred around the world, where investors would retreat to gold, such as the case in the '00-'01 recession and 2008 GFC. However, it also depends on which markets are affected, as well as the economy you find yourself in due to the different effects your currency has on the price of gold versus the USD/GBP/EUR/AUD/JPY etc.
Investors flock to gold in times of incredulous downward volatility because it's quite static. Instead of losing money in the stock market during perilous time, gold entices by offering stability with it's relative static price movements. Although even gold isn't the only "safe haven" investment, and some would argue there are less risky alternatives such as government bonds. Other investors instead seek to capitalise on these movements rather than merely storing value, such as hedging by going long on the VIX or volatility index.
Volatility and value storage isn't the only benefit gold has over Bitcoin, other positives include more liquidity, established base value and the fact that Bitcoin only has 2% of the market cap gold does.
That is not to say Bitcoin isn't a great asset, but it really depends on what you want out of your investment. Bitcoin is extremely speculative and has higher risks than most other financial instruments, but it may also yield a higher reward, as is evident in some of Bitcoin's movements having more than double the volatility of gold, it depends on what, when and why.
If you're looking to preserve your wealth in the short-term, gold, government bonds and cash is the way to go. If you want to increase your wealth with little risk, combine the previous assets with stock ETFs when things look brighter. If, after all that, you have leftover funds and already factored in emergency savings, a small bet on Bitcoin may be well worth it for your future.