Imagine how much sense it would make if you switched the gold bullion in there for Trezors, USB pendrives or anything that could contain bitcoins, and said Bitcoin wallets wouldn't be encrypted with a password at all! How safe would you feel about your investment?
That is exactly what i see there. Some guy which you are supposed to trust to hold your gold for you. And then when you need to move your wealth, you will need to hope that the guy driving the truck/ship/plane doesn't pull a heist on you and runs with the money.
Why bother with this risk when you can just hold it in bitcoins? I would like a reasonable goldbug argument for this very obvious point for once. I haven't seen anything convincing thus far.
And you are trusting in bitcoins encryption algorithm and complete infrastructure inc. internet, power etc. (Nation cyber warfare could crack the encryption and drain a countries entire financial reserves instantly, imagine china cracked the bitcoin algorithm and took all American's financial reserves one night). Anything held on a computer network is exposed and vunerable.
You are also relying on the devs not doing anything stupid or unpopular with the software as its completely out of your control.
You are relying on unregulated exchanges not getting hacked or the owners doing a runner with your money when you wish to cash out - not a good track record.
You are relying on the government not coming down hard on crypto and outlawing it before you get a chance to cash out.
you are praying Satoshi isnt defrosted from his cryo chamber one day and he decides to cash in the lot and go on a hooker and coke binge.
You are relying on those electronic devices holding billions or trillions not degrading and failing over time, countries need to hold wealth in centuries not years (backups would be a pain in the ass)
Gold is an element and no matter what it remains gold. Bitcoin is technology, technology becomes obsolete and is superceeded extremely quickly.
Gold in your hand removes all third party risk.