Gold will be an option in maintaining value that does not have high fluctuations, bitcoin still has high fluctuations so that most governments and institutions make more purchases of gold than bitcoin even though today we see some countries making purchases of bitcoin but little of the portfolio they share to buy bitcoin.
As far as I know, except for El Salvador, no government has bought bitcoin and it's all just rumors. And given the current situation, they will say “No” even more to bitcoin, an extremely volatile asset that is likely to be dumped even further if the economy takes a turn for the worse.
Talking about bitcoin as a substitute for gold I think it will not happen it will only be an alternative even though many claim that bitcoin is digital gold, it is just a framing taken from some of the same properties of both in different places, diversifying both is one of the safest forms of investment we can take now.
I know that many bitcoin investors will not like to hear this because they always want bitcoin to be number 1, the main character and not just an alternative. But the truth is sometimes quite cruel and I agree that bitcoin is unlikely to replace the role and status of gold. Gold is completely different and that is why governments have trusted it for hundreds of years.