Jewelry gold is just jewelry gold - it has intrinsic value because it's a nice material to make jewelry from. That value is not financial. Bitcoin can't claim that part of it. According to wikipedia, The consumption of gold produced in the world is about 50% in jewelry, 40% in investments, and 10% in industry.

but you have to realize, part of that 40% in investments makes sense because there is a fundamental non financial use case - jewelry. Someone will always buy gold at some price to make jewelry. So, that also drives investments. So bitcoin can't claim all of that 40%