The current generation is giving more priority to Bitcoin than gold. Especially in terms of security, Bitcoin has gained more acceptance than gold. Those who have more gold are very worried about their wealth, but those who have more Bitcoin do not have such a situation. They are completely safe anywhere. People are interested in gold as it is considers as old store of value, but it is far behind than Bitcoin. The demand for Bitcoin is increasing gradually and is increasing further in the future. If we imagine in terms of returns, Bitcoin will be far ahead of gold.
You are right in saying that the current generation prefers bitcoin over gold and the main reason is because it gives higher returns. But when it comes to risk, both have their own risks.
Those who invest in gold face risks such as confiscation and theft because they are too bulky and heavy. Meanwhile, Bitcoin is a digital asset so it is quite convenient to store and move, but that does not mean it is immune to risks. If you don't know how to store it, your bitcoins can be hacked, or if you accidentally reveal/lose your seed phrase. You will never get a second chance to access your bitcoins.
Bitcoin has better returns because it is smaller, and the higher the return the greater the risk. Both have their own pros and cons, none of them are absolutely perfect.