Theres zero likelihood of a goldbug or just any user of gold needing to give up on a failed market especially. Its perfectly inert and able to sustain its price vs a failing global reserve system based off politics. The most obvious long term argument for gold usage likely to rise over decades is net central bank buying. If the market itself does not reflect a reasonable popular price then still central banks continue to exchange gold as a reserve asset in settling debts between countries of especially large amounts. If that trend is rising that banks increase their holdings and its been true for a decade then in time the price for gold is not especially due to contract.
Bitcoin on the other hand I think best suits the smallest amounts transferred and perhaps the most often. It must be ready for that purpose to be useful and then value can be built upon that usage and higher speculative activity is justified. But the base case for BTC imo in enabling business that might otherwise not occur, this is no insult to refer to the smallest amounts as the greatest growth rates come from the smallest entities and as we all know most of the world is not rich.
If crypto can enable the poorest to greater confidence and efficiency in value transfer it would be such a positive event for all involved, thats a market with many billion people. Where as the simple base case for gold I mentioned is just between merely dozens who barter in many billions of worth, a much more restricted and staid market.
Great ideas. Bitcoin certainly serves as a more useful form of moving money from one point to the other. It has been used more so by those who don't want to attract attention by moving that money, which is what determines its value. That and its ability to subvert the middleman.
Gold is only able to do this in the smallest amounts. It can more readily serve as a sign of wealth, and it gives
people comfort to have a physical sign of that wealth.
Both serve as good hedges against incompetent governments and political risks, but neither yield interest so are avoided by institutional investors.
Because of Bitcoin's accessibility, it is clearly the more useful one in the long term.