You logic is correct. Gold is not an investment, it is a hedge. Gold does no useful work and produced no measurable output. It's "purpose" is simply that society has assigned it a value that most people will agree to exchange for other forms of value. In exactly the same way, crypto or any fiat currency is not an investment.

>Gold does no useful work and produced no measurable output

What? Gold us physically useful and relatively scarce, THAT is why it has value.

You are acting like people just got together and said "hey, let's take this useful hunk of garbage and assign it some value to see how rich we all are".

>You are acting like people just got together and said "hey, let's take this useful hunk of garbage and assign it some value to see how rich we all are".

Correct. Gold's value in an industrial sense is no different from any other relatively scarce material. This is precisely why gold is not an investment. Its value is simply a group of people assigning a value to something driven in part by scarcity.