Sure. Basically I don't think bitcoin makes a very good reserve asset. It isn't nearly as well suited for a base of the liquidity pyramid as gold is.
Bitcoin isnt a reserve asset but its easily possible to argue against gold as the ultimate store of value also. However gold has a track record of 5000 years or more which is hard to argue with.
On balance Bitcoin has to be rated as transactional, it is not the unchanging inert store of work done that gold represents. Bitcoin is technology that certainly has to adapt and improve or it will be replaced.
What if it is built on assumptions that turn out to be wrong?
Gold could suffer from the idea a meteor full of it suddenly becomes available. Again it seems unlikely as we've had many thousands of years for this event of over supply to occur, meteor mining is possible in future but I dont see the market for gold is changing. Hence its a reserve, where as BTC is very much a changing and dynamic market. BTC is a growth market, a part of competitive capitalism and must provide increasing utility or suffer devaluation.
All of these views are altered by the irregular distortion of viewing the world through US treasury debt prices. Gold or anything will appear to be rising greatly while dollar itself is sinking and failing to return value to holders and users in its circulation which is the entire world.
Its possible for prices to rise while value is falling and we may not realise for years this effect is occurring, markets are inaccurate and suppressed in any correction by new money continually produced.
I back any mention of Exter's triangle and I do think deleveraging follows this process. We will eventually set on this path regardless of new money, they cannot undo this it will burn out like a bad clutch and fail.