POG, page-7

I personally don't buy into the BTC is dragging down gold narrative. There's not really a correlation there.

That said, BTC is clearly better than gold at pretty much everything. Its cheaper and easier to buy/sell, transact with, store, divide, ect ect ect. However, if BTC sticks around as a preferred store of wealth, I think it will always be dominated by individuals and private companies and funds. Not a whole lot of companies and individuals own physical gold and most of the BTC buying is coming from current non-gold holders (hedge funds, PayPal/tesla, millennials, ect).

The biggest players in gold are governments and central banks. US, Russia, China.... these huge players will always favor gold over BTC, and frankly, they are way more important than private investors. Hell, they could effectively cancel BTC by eliminating on and off ramps if they really wanted/needed to. Gold is and always will be safe.

Furthermore, I don't think many investors look at BTC and gold as the same - it seems like gold is simply a hedge against negative real rates and BTC is a hedge against the a variety of things - Fiat currency, the financial establishment, asset inflation.... maybe mixed with a bit of gamblers spirt as well...