Because they're not actually equivalents. Gold has unique properties as a material, unique properties that are useful. It'd be more widely used in industry if i

Because they're not actually equivalents. Gold has unique properties as a material, unique properties that are useful. It'd be more widely used in industry if it wasn't such a scarce and expensive material. Bitcoin on the other hand, has no use other than for conducting trade. Because of this, they inherently carry different risks as an asset.