We have another angle to consider in this. In the United States, it is estimated that $70 trillion will move from the Baby Boomers to the Millennials over the next couple decades.
In surveys, it appears the Millennials favor Bitcoin by a 9-1 margin over gold. This could cause an interesting shift where human desire changes.
Bitcoin could end up usurping gold very quickly and then start outpacing it. If governments start to indulge in BTC as a store of value, it might be game over.
Gold could be replaced in the next couple decades simply because people change what they value.
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That's a very likely scenario, in fact. Time and again Millenials and younger tell pollsters that they prefer Bitcoin to gold.
Demographic or generational shifts can be very powerful.
When the younger generation views something as not "cool" or for their parents, they tend to forge their own identity.
Gold is certainly a Boomer asset while the younger ones have embraced as BTC as theirs.
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This is a very likely scenario indeed. As well articulated above, computational power is likely to be the new form of scarcity. Frankly, much of the older generation doesn't understand the concept, let alone grasp the changing economic and social paradigms that we are rapidly undergoing. Bitcoin, simply by its place as the first, is likely to be entrenched as an institutional investment. The evidence is stark, with Reserve banks printing money by the Trillions for Corona relief, it is BTC that is outpacing Gold for 2020... that is a bullish sign for the future of the space.
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That Bitcoin should grow past gold in market cap in the next 5-10 years is also likely to happen but it has little to do with the scenario discussed in the post.