Other way around, people spend effort to find, mine and refine gold precisely because it's subjectively valuable.

That's always been the ironic thing to me about Bitcoin, is that by establishing that people can attach subjective value to things (like computer bits), it proves that fiat currencies can work too precisely because subjective value exists.

Likewise I doubt Bitcoin would ever fall all the way to $0, simply because there will always been enough believers "holding the bag" and trying to loop people into the "Internet funbux" club to maintain the value at some low (but non-zero) level.

You could argue bitcoin effectively has those qualities too. It also has a cost to mine which may peg its cost in the same way that the cost to mine gold does its.

The thing that worries me about bitcoin as an investment is it can be replaced easily by dogecoin or whatever-coin with basically the same properties whereas there is nothing else quite like gold.