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.