Is Gold REALLY a Debasement Trade?

From 2020 to 2024 Gold stayed flat while Bitcoin went up over 1000% and inflation/monetary debasement were at all time highs. In the past 12 months Gold is up 90% during a period of lower inflation than the years before. Which begs the question, are people using Gold as a hedge against inflation? Or is it signaling something different: a loss of trust between countries, between nations and their citizens, and between individuals and the financial system as a whole?