Gold is down lately. Inflation can hit gold too. There's no guarantee the value of gold relative to food/housing will stay stable or at the same ratio as the market, so it's quite foreseeable housing/schooling (or whatever goods matter to you) price will rise along with market valuations but not gold.
Bitcoin is a farce. Its use outside of speculation is extremely rare, and governments will never allow it to go mainstream. Gold perception is a carryover from historic times as a primary use currency.
You mentioned fundamentals many times. BitCoin has absolutely none, and gold too for that matter.
Who mentioned inflation? I don't think of gold (currently) as an inflation hedge. Gold gets its value from its scarcity. Unlike fiat currencies, gold cannot be printed in order to monetize inherent problems. No government can control it. Sure there could be huge temporary gyrations, but how can you argue against it as a store of value. (And unlike times in history, gold isn't very useful as a transaction currency).
A similar argument goes for Bitcoin, it looked as a scarce store of value that no one can control. While you are right that governments can, have and will fight it, they have done the same to gold in the past.
Those are the only fundamentals that exist and matter for gold (and Bitcoin) they cannot be created out of thin air. Contrast that with any paper asset (be it stocks, bonds, fiat currency, etc).
The market is at most mistakenly pricing the value & likelihood of future profits, but the fundamentals are solidly there...
Ahem. Would you care to share with me what are those "fundamentals that are solidly there"?