Will bitcoin overtake golds place?
It might be the case investors and adopters will use both gold and bitcoin, revealing either/or debates to be more about blackening bitcoins reputation than substantial analysis. Legacy banks usually prefer status quo to radical innovation.
Are you hedging in preference to bitcoin over gold?
It is unlikely that bitcoin will take over gold because the value of currency of a country is based on gold. The more gold you have on reserve the higher the value of the currency is.
Don't you know that most of the countries are not using the gold standard anymore? That age has passed but some countries still do have gold reserves and use them as a hedge against the US Dollar. But that does not mean their currency's value will be higher the more gold they have stored.
And one of the best characteristics about gold is that it never days and its value almost never decreases. As for bitcoin its value is very volatile it can go from &5000 a coin to $3000 in just minutes depending on the situation, but don't think that being volatile is a bad thing because just like what happened recently that bitcoin price has skyrocketed and many have earned huge amounts of money after they have bought bitcoin even though there is a fud by china. So it really depends on how it is manage and invested and by whom is investing in it. for governments gold is the better option and for companies and individuals bitcoin is better.
Gold is traded in markets around the world, of course its value also goes down. Check the price per ounce of gold today and compare it with Bitcoin per coin.
https://www.bloomberg.com/quote/XAU:CURhttps://www.cryptocoinsnews.com/bitcoin-price/Set the charts to a 5 year time frame. Which would you buy?