One more point to be considered is what type of gold investment you are talking about. Because there are a few approaches each of them has its benefits, downsides and risks:
- golden accounts. In fact you don't have gold in your hand but some paper that someone stores your gold. If this someone crashes, most likely you won't get your gold(money) back
- gold bars. It's a real gold but you can't buy it at market price. Most likely you will be charged significant fee asbuy or sell it. Moreover, you have risk of theft and have to invest in storing it safely at your own risk. Liqudity is poor (you can't sell gold bars in five mins when you're short of money)
- gold etf. Looks similar to the first point but even with bigger risk because ETFs have its rules and fees. Liqudity in time of fatal crash is also arguable
- bonds or stocks of gold mininig companies. All risks of any bonds and stocks are relevant. Stock price of the particular company may fall because of multiple reasons like management problems, scandals, political shifts etc.

so, while gold is a great way for conservative investment, real investment instruments have its own issues.

On the other hand your bitcoin can collapse one day because of
- 51% attack
- attack from the US government
- lost interest of investors due to performance and scalability network issues
- lost interests from miners due to low fee
- unclear feature after the last block is mined

and your personal risks are
- attack from hackers to your wallet
- lost access to your wallet (lost seed phrase)
- sending to a wrong wallet by mistake etc.
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