About a trillion dollars that normally would have gone into gold is now safely invested in bitcoin. The demand for gold is dwindling, perhaps for the long run.
Look for the Democrats to attempt taxing cryptocurrencies very imaginatively in 2022. They have their greedy eyes on all that “money”. They will argue that its the way rich people hide assets and its only right to tax it. It may actually be politically popular since most Americans don’t own or understand cryptocurrencies.
When the crypto currencies are worth nothing gold will still be worth something.