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I don't know whether we can answer that question with any degree of conviction. However, we can certainly look at reasons for the interest and appeal of each item. A note of caution, though: popularity isn't necessarily indicative of fundamental strength or usefulness.

With that in mind, let's look at gold first...

GOLD 

Gold has a long history of what might be considered popularity, but, a more appropriate term is alluring. Gold has a demostrative allure which is defined in Oxford Languages as  "the quality of being powerfully and mysteriously attractive or fascinating".  

When used as a verb, the term becomes more active and descriptive: to allure is "to powerfully attract or charm; to tempt". 

One of the reasons for gold's allure is its beauty. Historical examples include religious artifacts, temples, and jewelry.

For some, though, the allure is not recognized in a positive light. In his book The Power Of Gold, the late Peter Bernstein had this to say...

"This book tells the story of how people have become intoxicated, obsessed, haunted, humbled, and exalted over pieces of metal called gold. Gold has motivated entire societies, torn economies to shreds, determined the fate of kings and emperors, inspired the most beautiful works of art, provoked horrible acts by one people against another, and driven men to endure intense hardship in the hope of finding instant wealth and annihilating uncertainty."

(Bernstein subtitled his book "The History Of An Obsession”.)

Gold is much more than alluring, though. Gold's role as money displaces in majority terms any recognition of its value as an object of beauty. Gold's primary value is in its use as money.

The practical use of gold as a medium of exchange has outlasted other forms of money. The singular reason for that is that gold is a long-term store of value. By store of value, we mean that gold retains its purchasing power. This is particularly important when compared to fiat currencies which are inflated and destroyed by their issuers (governments and central banks).

Confidence in gold as a store of value versus the threats posed by continuous inflation of the U.S. dollar and other paper currencies is a reasonable justification for gold's attraction today. Over the past century, the U.S. dollar has lost more than 99% of its purchasing power. As a proven store of value, gold retains its purchasing power.

Today, people seem more aware of the threats to financial and economic instability posed by fiat currencies and government intervention in the markets. Gold, when used properly, is a "private" currency with universal acceptance.

BITCOIN 

Bitcoin and other digital currencies have been touted by some as a 21st-century alternative to a deteriorating U.S. dollar. Bitcoin has been referred to as a "store of value" and "better than gold".

That is nonsense. It should be obvious that there is no evidence to support such statements about bitcoin, or any other cryptocurrency. (see Is Bitcoin Money? and Comparing Bitcoin To Gold)

The value in bitcoin and other cryptos lies in the privacy afforded by "decentralization". Transactions on the blockchain escape the prying eyes of regulatory authorities and central banks.

The privacy of transactions executed on the blockchain is definitely a factor in bitcoin's popularity.

Another reason for bitcoin's popularity could be the interest expressed by governments regarding CBDCs (central bank digital currencies). Potential implementation of CBDCs has crypto enthusiasts fantasizing about humongous and obscene profits.

The fantasies are problematic. As credible and desirable as the privacy afforded by blockchain technology is, it is the very reason that CBDCs should be recognized as a threat to the lofty expectations of investors.

When Janet Yellen expressed concern several years ago about transactions by terrorists and criminal elements on the blockchain, she was warning everyone that regulators took a dim view of the privacy afforded by blockchain technology.

Likely, a stronger justification for the popularity of Bitcoin, Ethereum, XRP, etc., has more to do with the mystery and excitement surrounding their inception and incubation. Fascination with all things digital and virtual is at the root of bitcoin popularity.

In addition, Bitcoin popularity is heightened by the gaming aspect. "Mining for bitcoin" takes online gaming to a new level. 

CONCLUSION

In addition to the factors above, there is one more item that contributes heavily to the popularity of both gold and bitcoin. That item is price.

The phenomenal increase in bitcoin's U.S. dollar price is awesome. It seemingly defies explanation, sitting currently at $104,178. It is more amazing when considering the volatility in its price over such a short lifespan. The extremes both up and down have not lessened bitcoin's climb in price to such unfathomable levels.

Since February 2024, the price of gold has increased by 67%. Going back a bit further to October of 2022 with gold priced at $1650 oz., the increase amounts to approximately 100% - a doubling in price to more than $3300 oz.

Would either gold or bitcoin enjoy the popularity now evident if their respective price action were not so positive? I think not. If bitcoin had not recovered from its drop of 75% ($70,000 down to $17,000) a couple of years ago, its popularity would likely have parallelled that of NFTs which were on the outs at about the same time. Popularity for NFTs dropped precipitously along with their prices and both have remained sunk in an abyss of unknown depth.

The price of gold has experienced huge volatility over the past several decades and its "popularity" has waxed and waned according to the direction and level of its price.

None of this has anything to do with justification for the higher prices for gold or bitcoin. It is just to point out that how we feel about gold or bitcoin, or other investments, has more to do with favorable price action than anything else. The higher and more spectacular the price, the more "popular" the investment.

Everybody is a fan when the home team is winning.

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