of course bitcoin has defeated the gold in the business market. The rate of generation rate of money of the bitcoin is high then gold in a specified time. The user of the bitcoin are so many time of the gold. Gold user are limited while bitcoin user are unlimited and growing day by day.
Gold is universally recognized as a store of investment. Bitcoin is not. Gold is generally less volatile than Bitcoin. Gold has wider adoption. Gold has a longer history. Gold has electronic capabilities and derivatives (on par with Bitcoin). The only advantage that Bitcoin has over gold is ease of use for value transfer, but that's not much since Bitcoin is very expensive to transact in now compared to what it used to be. So on the whole, Bitcoin has not defeated gold. It's a ridiculous assertion.