Is Bitcoin a competitor to gold?

According to data from the World Gold Council, central banks around the world net purchased 60 tons of gold in October, setting a record for the highest monthly total this year. Emerging market central banks dominated the gold market, particularly those of India, Turkey, and Poland. Meanwhile, the People's Bank of China increased its gold holdings for the first time after a six-month pause. The appreciation of the US dollar has exacerbated the depreciation of emerging market currencies, prompting central banks to allocate gold. Powell's remarks have made Bitcoin a competitor to gold, although former Treasury Secretary Summers questioned the strategic significance of Bitcoin as a reserve asset