I will hold both gold and the bitcoin. I will hold them with ratio of 2:8 in favour of bitcoin as it will rise in value faster.
It is better to diversify the investments in different products. But for me I choose Gold over bitcoin as Gold have many satisfied customers who have invested in the past and have earned good profits too. So I would choose to invest in Gold rather then bitcoins.
That's true gold is safer in compare bitcoins and people have more faith in gold as they are using it since long time and they can earn good profits from it if they hold for long term.
For a lot people Gold is being seen as a safe bet. That's the advantage of Gold over Bitcoin. But I am quite sure that it will change in the coming years as the world is more and more becoming a digital place.
Gold is the safe bet, and in my book, I would rather take 1M in gold then 1M in bitcoin.
Most of us here would take 1M in gold, since they know the price is stable and they now the value is worth more then 99% of mankind.
I personally would take the $1M in Bitcoin as it has much more room for future growth than Gold has. I would just hold it for a few years and sell some coins every year to take profits and to get back the initial investment amount. After I got my invested money back I will hold the other coins for a very long time as I believe in Bitcoin.