Comparing Bitcoin to Gold

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Comparing Bitcoin to Gold

Many say bitcoin will overtake gold in market capitalisation. Gold’s market cap is ~$10 tr.

I am no economist, so forgive my ignorance. But, as bitcoin’s market cap goes up, won’t gold’s go down? If many gold holders sell their gold for bitcoins, for example.

As such, why would bitcoin have a market cap of ~$10 tr. if it “overtakes” gold?

Surely it would be much lower than that, as gold will go down?

Unless you’re saying bitcoin will go up without gold going down. That contradicts the thesis that they are substitutes, though.