Gold has an intrinsic value below which it cannot fall (due to industrial uses), but it is much lower than current price, and BTC has no intrinsic value. There

Gold has an intrinsic value below which it cannot fall (due to industrial uses), but it is much lower than current price, and BTC has no intrinsic value. Therefore, most of their current price is based on expectations of what other people will value it at. This means it is perceived as "high risk". Thus, it tends to move in similar ways to other high risk assets, e.g. high tech stocks or Chinese real estate bonds. Also, gold has not dropped nearly as much as BTC, in part because it didn't rise nearly as much in 2020 and 2021.