Well I think if we compare the value of bitcoin in to gold the gold is more expensive rather than bitcoin because the value of bitcoin was volatile while the value of gold is stable. As of now the value of bitcoin is still rising and growing rapidly that can be a little bit expensive than gold but as we know we cannot guarantee that the value of the bitcoin will remain as is because we cannot predict the events that happenings in the market. That is why I think that gold is more expensive than gold if we consider some factors.
If I understand you correctly, you're saying Bitcoin has a better return than gold because Bitcoin is more risky (i.e. less stable than gold.)
This would be a case of 'risk premium.' For example, stocks on average have to do better than government bonds over the long term, to compensate for the fact that their values are less stable than the bonds.
While this might be true, I still think there's more at play here than risk premium. As I pointed out, Bitcoin is still cheaper than gold (and was much cheaper not long ago,) so it's more attractive.
But the factor that might be more important than all others is that the Western elites probably favor Bitcoin (and cryptos) over gold as a potential tool for a reset of the entire system, for a variety of reasons (one of which is that it would be very embarrassing to them if gold becomes a thousand times higher than the $35/ounce price that they last tried to defend.)
