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.
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.
It is quite normal, with how everything is going at the moment, people are looking into this like it is a way to save themselves. Look at the world, we are basically brink of another war, everyone is financially attacking each other and hate is growing faster than love.
So people who invest into gold, are doing it not because they love gold, but because they believe gold is the only way to store their value and that is why they are buying more. With the way markets are acting, thinking stocks would stay safe, or bonds would stay safe, is childish. So they buy gold (and we buy bitcoin) because they know that no matter what happens, there is a value for gold and if we buy more of it, then we could make more money with it.
I would say that we aren't on the brink of war but in the middle of a financial game of chess. I truly believe that all countries have developed economically and from the perspective of military, that there is an understanding that one offensive move could mean obliteration for the perpetrator, and possibly many of those surrounding them. What is happening now is uncertain economically, and gold is traditionally a hedge/safe haven for when times get tough, because its economic parameters give it the properties that make it safer than holding dollars or investing in traditional or speculative assets. I'm sure in the next crisis in 10-15 years, Bitcoin will take its place. I am curious to see how it holds up during this one.