Someone who's holding both for diversification. After a bull run the Bitcoin part of their portfolio might be a tad bit swollen and they might want to rebalance.

Good question. I do know that Apmex has had good runs in the past in crazy bulk markets like 2017 when people wanted to "take profits" in their bitcoin.

Also, pawn shop gold dealers would. Most of their customers know jack shit about bitcoin. They want gold.