Hi Chris,
There may be some level of shift from gold to bitcoin, but it is not really known to what degree. Many of the staunch gold buyers actually don't like Bitcoin and vice-versa. I will say however, that we are likely seeing a newer generation of investors flock to Bitcoin instead of gold.
Then there are folks like myself who believe both have a place. The fundamentals support both, but Bitcoin is likely going to be very volatile. Case in point it lost 25% last weekend. Although it is recovering, it has a history of pretty big corrections.
Our position on gold (and mine now on bitcoin) hasn't really changed. The macro tailwinds are there and it serves as a hedge against economic uncertainty.
Mat