Gold is used as a financial instrument and most of its value come from that.
It would be same with Bitcoin, as long as it was perceived as money by normal people. The moneyness of Bitcoin would form the core of its value on top of which other types of demand would be stacked.
With Gold I believe it has a fundamental demand for jewelry and other small use cases, and on top of that there is a vast amount of financial use cases that make its value be much bigger than that of other rocks.
In both cases if you remove the fundamental source of value the thing tends to zero.