I believe bitcoin will absorb gold, but...

I'm having trouble with the thesis that it'll also absorb real estate, bonds, and equity. Until it absorbs gold, its upside appeal is huge just based on its relative nascency, but beyond that, I'd imagine its volatility drastically tapers out and have trouble seeing why anyone who currently owns real estate, bonds, or stocks would transition to bitcoin when gold has always been an option. Other than its fixed supply, is there any other particular reason its price action would be a significant departure from the existing price action of gold? Even controlling for a 2% average supply growth, gold has gone through multiple decade periods with net negative inflation adjusted returns. Genuinely curious to hear people's take on this.