There is an estimated 208 000 tonnes (208 000 000 kgs) of gold available on planet earth. This has been mined throughout history and we can assume that this is not lost. But let's estimate it at 210 000 tonnes to make it easy.
The amount of bitcoin that will ever be available, is capped at 21 million coins. So for each coin that is available, there is 10 kgs of gold available (210 million divided by 21 million = 10)
So in terms of value 1 BTC is worth 10kgs of gold. But given that 10kgs of gold costs 650 000 dollars today and 1 BTC costs 30 000, BTC must be undervalued and still has a potential to 20x from here. So why would people buy gold as a hedge against inflation, when they can buy BTC that is undervalued by a factor of at least 20? I guess the answer lies in confidence and previous experience.
Is any of the above wrong?
Such calculations are generally incorrect, since gold and bitcoin are incomparable things. They are so different from each other that we can say that they are absolutely opposite, except for the high price. There are a lot of things in the world that are less than 21 million, but this does not mean that they can be more valuable than bitcoin or gold.
The price of bitcoin is determined solely by the ratio of supply and demand. It depends only on these indicators how high it will rise in price and nothing else.