The value of Gold is based on scarcity dictated by the laws of Physics, and on people believing it has value. The fascination with that yellow gleam goes as far back as recorded time. The fact that it's easy to work with (malleability, ductility, etc.) probably played a part as well.

The value of Crypto products is based on scarcity dictated by the computationally intensive nature of certain algorithms, and on people believing those products have value.