They do not propose removing gold from reserves and using bitcoin to replace gold. Senator Lummis has proposed selling 10% of gold reserves to buy 1 million bitcoins equivalent to 5% of the bitcoin supply to diversify the national reserves. And we should be realistic that this is just a senator's proposal and we need to wait and see how it plays out, it's still too early to say that it will become a reality because it needs to be passed by Congress before it can be approved by Trump.

To be fair, gold will hold the top spot when it comes to safe havens and no other asset can replace it, not even bitcoin. Bitcoin is still a highly volatile investment and as long as it remains highly volatile don't expect it to replace gold. Gold may yield higher returns than gold but it cannot replace gold as a safe haven and governments need a safe haven rather than a speculative asset.