I won't predict the future (10 years or 20 years) because that is beyond our ability but with what is happening now, I am pretty sure that it will not happen in the near future.
For countries, holding gold is a backup plan for the economy in case of a major crisis and gold has been recognized as the world's safest haven for thousands of years. Meanwhile, bitcoin has not escaped the label of a speculative asset and is often dumped whenever the economy is in turmoil. And what governments are looking for is a safe haven rather than a speculative asset. How can the government sell gold to buy bitcoin?
The goals of retail investors and central banks are not the same, they do not need a volatile asset, we should accept that fact.
For countries, holding gold is a backup plan for the economy in case of a major crisis and gold has been recognized as the world's safest haven for thousands of years. Meanwhile, bitcoin has not escaped the label of a speculative asset and is often dumped whenever the economy is in turmoil. And what governments are looking for is a safe haven rather than a speculative asset. How can the government sell gold to buy bitcoin?
The goals of retail investors and central banks are not the same, they do not need a volatile asset, we should accept that fact.
Well, interest/demand for Bitcoin is surging among institutional investors and governments alike. Some governments (like the US government) are planning to sell their Gold reserves to buy more Bitcoin. El Salvador already made BTC a legal tender currency, while it continues to grow its stack of coins. Maybe Gold will be less-appealing to investors as a store of value in the future, as Bitcoin takes over the world by storm. If that happens, Gold will remain a "luxury item" used only for jewelry (a fashion statement).
Like you've said, the future can't be predicted. Who knows? Maybe Gold and Bitcoin will co-exist in the future. Just like how CBDCs will co-exist with crypto. It's a wild and crazy world, so anything's possible.
