Gold has value beyond store of value, but not nearly as much as you would think. A lot of what makes gold valuable is people's faith on it, and in that sense it's not significantly better than bitcoin. That's not to say that bitcoin prices are reasonable, but just that there's an irrational component in almost everything.

Unfortunately, it does not. There's 2 kinds of Gold people invest in.

The non-loony ETFs, Swiss vault storage, etc. Let's simplify to "the GLD ETF" [1]. This of course isn't really gold, it's paper gold (and has in fact been fractional-reserve-banked: there is far more paper gold than actual gold).

The loony gold storage: gold bars under your pillow. Unfortunately, the gold people use for payments is extremely regulated, specific grades of gold, guaranteed by a very small number of financial institutions (and numbered). Whilst at least these are obviously not oversubscribed, if you have one you can't sell it (aside from the subdivision problem), because there's no easy way to verify the guarantees, and there are an untold number of fakes in circulation.

[1] tradingview.com/e/?symbol=GLD

As long as people like it as jewelry and are prepared to dig it up the price of gold will approximate the cost of digging it up as it has done for 2000+ years. Bitcoin doesn't have that.

and clearly as you've just proved, a good store of value does NOT require an intrinsic value. All that is important is that people place trust in the asset. Bitcoin and cryptocurrencies have attributes that make it easy for people to place trust in it.

The fact that people trust in something doesn't automatically mean that thing is good, remember that many people (even the same as those who put their trust in *coins) also trust in sky wizards and celebrities. I realise you may just be stating that that's how the world is.

Trust here is in the context of assets used in trade, not in literally anything people can have "trust" in.

They're stating that "intrinsic value", e.g. gold being usable for things other than trade, is not necessary for a tradable thing to have value. It is only necessary for people to be able to trust that the thing has value and having "intrinsic value" is one way for that trust to be gained.

With cryptocurrency, it's gained with a bunch o math.