That's too simplistic. Hoarding gold (or Bitcoin) is really about speculation. You're converting fiat into something that you think will be worth more at some point in the future. That's not quite the same as saving, where the fiat at least has an opportunity to work while it is being saved.

Bitcoin is clearly not the same as gold, of course -- even if people are in fact speculating with it and using it as a store of value.

As for whether there's too much capital for the available work, well... I don't think we've reached that point yet.