the gold vs cash comparison is not as clear cut as it may seem. something to consider is bitcoin's "wealth effect". people like to hold bitcoin for a while, but then eventually realize capital gains through spending:
The more valuable bitcoin has become, the more people are using it to buy stuff. ”We have definitely seen a ‘wealth effect’ pattern when the bitcoin price increases,” says James Walpole, BitPay’s marketing manager. In other words, if you already owned bitcoin and it rose in value, selling some bitcoin would give you more dollars to spend.
What are people spending bitcoins on? Walpole says about a third of BitPay’s transactions are going to prepaid services like Neteller, Skrill, and BitPay’s prepaid Visa card. Some 21% are going to gaming platforms like Steam. Fifteen percent of transactions go to digital services like domain-name registrations.
The bitcoin “wealth effect” is also evident in the buying patterns of customers at CheapAir, which sells plane tickets, hotel reservations and car rentals online. CheapAir was one of the earliest merchants to accept bitcoin payments in November 2013, and founder Jeff Klee says his bitcoin customers are now feeling flush. “With bitcoin we tend to generate more sales in premium cabins like business class or first class,” he says. “Certainly the average spend for the bitcoin customer is higher than a non-bitcoin customer.”
https://qz.com/931810/cheapair-and-bitpay-data-show-rising-bitcoin-btc-payment-volumes/there's a notable contingent of bitcoiners who will tell you they'll spend regardless of price, although i suspect those who are sitting on gains are more likely to
truly feel that way, and actually spend their coins.
to me, it's not about spending vs investment. it's not one or the other. bitcoin is not monolithic. it can be an investment/store of value, cash, a superior form of internet money/e-wallets, a means for cross-border remittance/capital flight/tax evasion, a way to add a layer of privacy to electronic payments, and more.