It's true that people are holding other currency such as gold, silver and other valuable resources but it wasn't meant for a transactional purpose, but as I know Gold, Silver or diamond as we know is basically for investment. Please do not quote me wrongly, I didn't say bitcoin is not meant for investment or worth for investment, but what I am trying to deduced is that people are now now channeling efforts on the investment purposes than the transactional aspect of bitcoin.
Yes I've actually come across a couple of videos where some rich guys in a podcast were talking about money and economics. Actually they said that the whole cash system was a scam and I actually believed that to quite a huge extent because of my normal economics and history of money class taught back then when I was still a freshman. Anyways the summary of the gist was that back in the days note money was actually implemented as a coupon for gold deposited at the bank.
The gist they were discussing was actually the cause of inflation and they were of the opinion that gold is a better store for value compared to fiat notes or cash. The idea is quite right based on the fact that inflation has actually become a world problem.