But isn’t the main value of Bitcoin is that it is mathematically limited in quantity? It will inevitably be scarce and the price should go up albeit not as fast. Surely it will go up or down based on speculation, but that would more dependant on how risk averse the market is at the moment, do people want stable scarce resource or do people something more quickly growing. So for me Bitcoin is getting more similar to gold, am I missing something?

With its fixed supply and coins getting lost all the time, Bitcoin is deflationary, whereas Gold has a more or less constant supply (slightly growing every year). So emission wise, Bitcoin is not as similar to gold as a cryptocurrency with fixed yearly rewards.