I wonder who hodls gold like that nowadays.. Bitcoin is just better on all fronts, and it can be used for much more than gold, that's what makes it better for a common retailer interested in making a difference for himself.
Many people actually buy gold even though it reach ATH.
Not only baby boomers, young generation like Gen Z also buy gold because they choose to diversify their money. Muslims also buy it because many of them think Bitcoin is haram, hence they only choose tangible asset.
Young people tend to like and be willing to take risks and want to get rich quick, so it is no surprise that they tend to favor bitcoin and crypto over gold or stocks.
In reality they prefer trading Bitcoin, buy altcoins and gambling.
Bitcoin investors are still not a lot.