It seems to me that bitcoin is going to continue to eat gold's lunch, just as it has done in the past 10 years or more, so on an individual level you likely need to figure out how much to waste your time, energy and value to place it into gold... but whatever, each of us need to decide for ourselves the extent to which we might end up diluting our bitcoin investment into things like gold... I would suggest don't waste your time and money to invest any more than 10% of the value of your bitcoin investment into gold, but hey, you can do what you like.
Your observation is valid that Bitcoin can potentially replace Gold as a store of value gradually in the long run.. However, it is important to note that Gold has been considered as an important asset and hedge against fiat currencies since the dawn of human civilization. Furthermore, a significant potion of world population is unfamiliar with Bitcoin, but they know the value of Gold. In this context, it will take long time before Bitcoin can effectively replace Gold. Therefore, it is a good suggestion to incorporate Gold in our investment portfolio to certain extent, thereby achieving diversification benefits.
This is one aspect I have been viewing this. We cannot completely dispel the fact that governments of nation will do their best to support gold given that they can control that only Bitcoin that is decentralized. So, politics will definitely play a part in all this. Remember how Chinese government decisions have affected the price of Bitcoin in the past. So, it will take time for Bitcoin to beat the popularity and mainstream acceptance of gold but I don't see the time as being too long.
Howbeit, even if this happens, Bitcoin will still triumph given the ease of access, ownership,potential, security and many other advantages it hold for the generality of humanity.
Yep.. there are likely going to be ongoing battles on these grounds, but bitcoin remains superior in terms of the power of being able to possess and verify it relatively easy, and likely people are going to continuously have to learn lessons about holding their actual keys and avoiding getting rug pulled by people who either do not hold the bitcoin that they claim or that they are not being honest in terms of ability to access such coins (and in which circumstances, which is still likely going to continue to enforce ideas about the values in regards to who hold the keys and whether the key holders are actually honest players when they are supposed to be holding those keys on behalf of others.. and it seems that one the the best ways to test those who possess the keys, is to demand possession of the coins).
No doubt, Bitcoin have a lot of advantages. The freedom it offers a lone is one unique feature that endears many to it. Another aspect is that Bitcoin have limited supply and this make it attractive to hold because scarcity will always create demand cum higher prices.