You're right in that comparably digital gold would be better. My only issue is you say it's bitcoin? I think the problem with this approach will always be that many cryptocurrencies can do this over the blockchain. So which will become the most efficient. Whereas i see some disadvantages with bitcoin.
Some argue bitcoin was meant to be digital currency not a store of value. So right there that leaves room for can a digital gold be done better from inception with less waste perhaps more security at some point in the future. Perhaps.. i don't know and because many dont they i think will remain skiddish. Whereas gold has put in its time. Nothing catastrophic has happened atleast not at one period of time. So a future with several competing bitcoin like networks.. can raise some concerns.
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I think the last 12 years have shown bitcoin isn't going anywhere. It's digital gold and not going to be replaced. Something may work better as a transnational currency or a fabric layer, but not as digital gold.