Gold is a very different animal. Gold's primary use case is not investment, but in making of jewellery. It's expensive, it shines and has a bigger cultural significance than bitcoin has or will ever achieve. Gold is given as a gift and is used to add value to consumables. 50% of all gold mined till date has been used in jewellery making. People in middle east, russia, india & china buy & wear gold, gift it and make objects out of it (statues, tables, etc.). Bitcoin will never replace gold's allure.

The intrinsic value of gold is what gives it investment value. The fact the 50% of is an expression of luxury is what makes 40% of gold buyers treat it as an investment (the remaining 10% of gold finds its way into industries.

Bitcoin will develop as an alternative store of value but will not replace gold totally. I can't imagine anyone proposing to his/her gf/bf by giving them a diamond studded, pen drive looking bitcoin wallet. Secondly, bitcoin volatility at present is also a hindrance into bitcoin's transition into a store of value.

just my 2 cents.