[vsareto]

Gold's intrinsic value is what makes it a store of value. Bitcoin doesn't have that directly - the coins directly don't have any value, but the ledger and mining technology behind it has real value as invented knowledge because it was novel at the time. That's like saying gold has intrinsic value because there are manufacturers of jewelry, but not because of the physical properties of gold.

IMO bitcoin can act as a commodity, but it needs more participation and infrastructure (importantly, the internet) to realize that. Mining bitcoin is cheaper than mining gold though, so that should be a good hint that if Bitcoin is any kind of store of value, it should end up cheaper than gold.