Personally, I don't see any real links between gold and fiat these days. You say that fiat is a rolling devaluation against gold but I don't see how gold is particularly different from anything else, for example, crude oil. What about petrodollar after all, huh? Fiat is depreciating against everything which is anything in terms of value. Apart from that, I don't really feel you can so easily equal gold and crypto. The latter is more like fiat because they share the same trait or fault, lack of inherent value. The recent magnitude 10.0 cryptoquakes that shook the market unequivocally proved that thing, end of story.
"Rolling devaluation" is different from simple inflation in the price of everything else, in that the price of gold is suppressed by the elites through derivative trading most of the time, but must be allowed to rise dramatically during times of financial stress. This is in effect no different from the gold standard, but with frequent devaluations. (Suppressing gold appreciation against state money was the real purpose of the gold standard.) The visible difference between devaluation and inflation is that devaluations were always denied strongly beforehand and implemented overnight, and that the gold price would stay the same for a long time afterwards.
This is an old story about gold being negatively affected by paper gold. There are enough perfectly viable arguments that support the view that paper gold actually props up the value of the real one. If anything, gold derivatives add to speculation, but speculation attracts people looking for easy money. Obviously, gold prices are set to rise under these circumstances. Just like it happens with Bitcoin and other cryptocurrencies.
'Inherent value' is highly misleading, because even gold doesn't have enough 'real' use to justify its current value. The monetary value of anything is always subject to convention and crowd psychology. (Because money is ultimately just a protocol.) The elites have a lot of power because of this, BTW, but that power has been spent by issuing money and debt to benefit previous elites.
This is another point which has already been beaten to death many times. Obviously, nothing has intrinsic or inherent value since all value is subjective. The problem is gold is valued by people through generations, and this value is not susceptible to overnight devaluation, the thing which we have all learned too well with Bitcoin.