Gold is no different than anything else...supply and demand. Yes a decline in demand could affect prices but it could be in different ways than you describe.
We will see gold run as the threat of war approaches and confidence in gov't collapses. Post 2024 could see a nice run in gold for that reason.
That makes sense. I guess that run up could make some companies sell a few, and increase their BTC holdings.
With treasuries whether companies or sovereign wealth funds they tend not to play the markets. They buy and HODL. If they decide to move on from gold, they will do it. I dont think companies have much in gold but central banks and sovereign funds do. They could divest out of gold into BTC.
It might take some time for the acceptance at that level. I have a feeling some of the recent decisions like the accounting standards in the US changing and the Spot ETF add legitimacy to the holding of it.