In the entirety of my very long life I have only ever met one person who owned any gold for investment purposes, and even then that wasn't physical gold.
That means that they don't need to own gold for speculative purposes - they already have it anyway. If there's any crazy scenarios that a lot of gold bugs and crypto enthusiasts think are likely to happen, gold will be more useful because people will already own some of it.
Obviously there are other things which people would own as well, but gold is superior to most of them since it doesn't deteriorate or tarnish easily at all, so people would still have it after a long time and they could use it in society.