I doubt Bitcoin can replace oil and gold, because both have been used for thousands of years. Indeed, for now investing in Bitcoin is
more profitable than investing in oil and gold, but because Bitcoin cannot be controlled by the government. So the government definitely
prefers oil and gold over Bitcoin. I think Bitcoin will probably only be used as an investment alternative, after all, Bitcoin's popularity is
still below oil and gold. There are still many people who don't understand Bitcoin, so it's too early to mention Bitcoin will replace oil and gold.
Crude oil is pretty new in terms of human history. It wasn't a major part of the economy or of much importance at all until the industrial revolution. Gold has thousands of years of history as a store of value. Bitcoin may eventually become a dependable store of value, but the use case for it is extremely low on a practical level. Almost nobody uses it for anything other than speculation at this point due to the wild price swings. It's just another form of gambling.
This is not true. Bitcoin has so many and very strong use cases. it is all just matter of mass adoption. if Bitcoin get accepted widely by nations and govt. and gets to use in daily life then you can see how many benefits are there in using bitcoin.
and that mass adoption I am talking about is happening. Bitcoin already attracted millions of people. and recently paypal announced adding Bitcoin in its platform which means Bitcoin will gain another 26+ million potential users and that is just the beginning.
So don't think bitcoin as just a form of gambling it is a lot more than that. it cannot replace oil, gold or any other assets but it has it's on place and importance.