Or any other alt coin for that matter? I'm wondering if and how it would damage/tarnish Bitcoin's reputation as the Gold standard of all cryptos. I believe it may also affect how institutions view bitcoin, and it may even affect the idea of digital scarcity. No longer can we assume that bitcoin (or its usurper) will remain #1 forever, so how can you imagine it as a safe long term store of value or preserver of wealth? Is the idea of true digital scarcity threatened if bitcoin loses it's #1 rank?
You contradict yourself, you said it is gold standard, then how can it be overtaken by an alt coin?
And it has been attempted already, it is called the Flippening (ETH) and Rippening (Ripple), but they didn't succeed. And with the way bitcoin is pegged right now? I doubt that any alt coin can overtake it.
For example, I imagine it would be like silver flipping gold's market cap, (which is practically unthinkable) however, this event would forever alter how gold is perceived, especially by new potential investors.
Again, I doubt that it will also happen, prime movers like BTC and Gold will remain on the top of the game.