Not exactly.  I'd still buy BTC if I had none, but I'd buy more gold.  This ratio is 'bearish' for Bitcoin very much because of the futility and destructive potential of trying to make it scale via stone-ax methods and the traction that idea seems to have here in Tardville.

I would add that I could see making gob-smacks of money in the (likely) eventuality that Google-class operators decide to adopt it and make it into Paypal-II (rather than just kill it off.)  That certainly could happen and the world is full of idiots so it just might fly pretty high.  They supporting it is probably the best bet to keep more dangerous related technologies from getting a foot-hold.  That doesn't make me 'bullish' really though I won't turn down the offer to capitalize handsomely should the opportunity present itself.