Bitcoin and gold share the same purpose. They are both hedges against global insecurity, economic instability, and inflation. Both assets are intended to provide security for investments. However, GOLD is a physical asset that has many intended uses, which makes it a highly sought after resource while
BTC still a virtual one which sometimes crypto traders used to trade at a particular exchange
Gold is more than that tbh and seeing their individual market activity over the past few years, it is understandable why many believe that bitcoin could ultimately replace gold in terms of value but bitcoin still continues to experience significant price fluctuation that often results in substantial losses.
Another reason that the bitcoin is unlikely to replace gold as an investment asset is that the system has yet to achieve full status as a truly "universal" and legitimate form of currency. Many countries, including Germany, Norway, Russia, France, Thailand and Korea, refuse to use the bitcoin for fear of potential loss. In fact, several have gone as far as making it illegal in their country.
BTC will always be that safe-haven coin to the people that believes in it, but bitcoin is still far from the finish line.