Can you elaborate on how that's true? Gold has use in making other physical products, such as electronics, which can do things and thus create value. Bitcoin comparatively seems to be a net drain on resources and value.

The vast majority of gold is held for speculation. If that use case went away it'd be effectively worthless.

Wrong. It it fell 50%, many industrial uses of gold would resume. I'd have 4 gold fountain pens instead of 2.

Lol I stand corrected :)

Not really. Half of the value of gold, or thereabouts, relates to its utility as a metal. Bitcoin is purely valued because people believe others will buy it from them in future at a good price - hopefully a higher price.

So half the people that use gold are involved in a ponzi scheme?

It may also not be correct that Bitcoin is a Ponzi scheme. A Ponzi scheme is, strictly speaking, one wherein the latest investors are used to pay out interest and withdrawals to earlier investors.