Will the announcement of rmg coin threaten or devalue bitcoin?

[cougarcxt]

So the royal mint have announced a crypto coin backed by real gold, holders can even request the real gold to be sent to them if they hold enough of it.

My question is, has this completely undermined bitcoin as a store of value? Surely the method of choice would be to trade volatile coins against the stable rmg coin?

Does this threaten the main reason that people are holding bitcoin and therefore actually devalue it to a volatile altcoin, used to try and catch gains then sell with all profit held in rmg......