Seeing Bitcoin as digital gold, while not strictly incorrect, is problematic. Because it emphasizes the narrative that Bitcoin is a speculative commodity.

As a speculative commodity Bitcoin is being steadily captured by institutions and governments. ETFs and corporate Treasuries centralise custody and exclude their holdings from use for P2P payments. They include KYC tracking and taxation. They greatly enhance the ability of any US government to enact an Order 6102B.

It is only when used as a P2P payments protocol that Bitcoin provides an alternative to the payments hegemony that is fiat. Use of Bitcoin as 'digital gold' risks undermining Bitcoins use and capacity for use as a P2P payments protocol.

The bankers and governments are prepared to accept, even sometimes embrace and profit from, Bitcoin as a speculative commodity/'digital gold' , but they have and will continue to fight and obstruct the use of Bitcoin as a P2P payments protocol because when used as a P2P payments protocol Bitcoin challenges their MoE hegemony.