I think that precious metals can be a good store of value in the long run, but it's doesn't have anything close to bitcoin in terms of its long term potential. Besides, bitcoin basically fulfills all the roles that gold and silver used to play in the past.
I don't really view them as competitors. Managing investments, to me, is more about minimizing risk than maximizing gains. Hedging is all about preparing for the unpredictable, and most importantly not keeping all your eggs in one basket. While the outlook for Bitcoin is quite promising, it's still one of the more risky assets one can buy.
Though my biggest investment exposure is Bitcoin, I've been buying into swing lows on gold and silver (physical) for years for that reason. If I could have found a tenable custody solution for crude oil in 2016, I'd have been buying crude as well. Instead, I just swing trade the Proshares ETF.
