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?
Bitcoin has already overtaken gold in terms of pricing and profitability. Bitcoin's volatility and it being decentralize is its major asset.
In terms of value, gold has been surpassed long back. But in terms of capital market as well in terms of user network we're yet to travel long. Gold as an commodity has been making it more valuable as it's not widely available.
Here with bitcoin the technology generates the supply to the demand. Based on which volatility becomes an issue with gold users while bitcoin users love the volatility.
What do you mean by this? Bitcoin's supply is ultimately fixed (as long as the developers/community never decide to increase it, but that's another debate for another time). In fact, while gold is rare and expensive to mine, its supply is less fixed than bitcoin as more gold deposits are continually being discovered.