Gold is a commodity of a specific know content, it doesn't need a balance sheet. The only thing left is to set the price, which you can speculate on. But is does have physical value at some price floor and you're just speculating on the demand. Basically the same for any commodity, oil, wheat, orange juice.

Just like the the USD is not a commodity, neither is BTC, so that's a bit disingenuous to compare it to gold, or a publicly traded and regulated stock. It's not even close.