Holding gold as a reserve is not a new thing; it's something that has always been happening over the years, especially now that many are looking for ways to limit their dependence on the United States dollar, a fiat currency which is being devalued every time it is not supposed to be held as a reserve. Its purchase value is dying off over time. Gold has been used as a reserve for decades now; even the US government are among the top holders.

That is the wise thing to do for most countries if they are going to increase their reserves through gold.

They are still for sure keeping a part of their reserve with US dollars.

But that is the wisest thing that they can do. Look at how few the sellers are of their gold reserves compared to the ones that dont do anything at all and just hold.

That's right, now for me the main question is whether something similar is going to happen with bitcoin. If central banks in the next few years are going to start holding bitcoins in their reserves, via bitcoin strategic reserve or otherwise, in the same way that they have long been holding gold, which they have been increasing for the most part in recent years.

Yes, it is true that gold is used as a reserve or stored, which is mostly in the form of gold bars and is used to protect oneself from the economic crisis, which may occur especially if difficulties strike in the future, or to overcome dependence on the  dollar as, and indeed gold is a symbol of wealth for countries that have and store a lot of it and it is easy to use for economic strategies.

Countries like Russia and China, were buyers of US government bonds for a long time but this has started to shift in the last couple decades. Holding US bonds in your foreign exchange reserves traditionally gave your own currency a bit more stability and credibility, but these countries held them rather begrudgingly because America was always a bit of an adversary at best. Now with the Ukraine war and China trying to exert more dominance, along with political tension in the USA, these bonds while still reliable are looking less tempting to buyers. China is also often producing less of a surplus now as it tries to increase internal spending. Gold has always been a way to store value and all these things, plus increasing individual consumer buyers in the market, is causing prices to keep going up.

I don't think that the price of Gold would ever become "uncontrollable", but hitting a gold price of 3,000 USD per troy ounce is definitely achievable and it will happen for sure. The USD will keep losing it's global dominance and Trump can't do anything to stop this process.
Will this affect buying behavior of regular people? Of course it will. Everyone wants to buy a "safe heaven" asset, which price is expected to grow in the next few years. I still don't consider Bitcoin to be a "safe heaven" asset. BTC will remain volatile and it will move the same way as stocks and other volatile assets.

But high returns come with high risks and not everyone is willing to take risks, so investing in gold is more ideal for those who prefer safety.

Those who invest in bitcoin mainly want to get rich quick with their modest capital. But for those who already have large assets and value safety over returns, gold is a better choice. Many of us do not like to invest in gold and choose bitcoin, but I believe that when we have a large amount of assets, we will switch to gold because no investment can surpass gold in terms of safety.

Its not just about the economic situation they are worried now. They are preparing for war as it has been on the news that EU is preparing their people on what do do in case of war. Gold has much to do during war times I think and this is why economic power houses are buying gold like crazy like China.

Peter Schiff been trying to debate about Gold vs Bitcoin since and now he think he really was right about his words. Last year Gold is just $1700 but now its more than $3000. This is got to be a vindication for him.

Some day the government will reevaluate Gold and once again and return to gold back curency.

If anything with op's story is something to go by, I think this is more like what is going on with the US government of reserving btc as part of their hodling. If bitcoin is held and now gold which could create a kind of volatility. Gold, even though in abundant but I believe it will create some more value. How do dollar create its own volatility being a fiat and less volatile. Will the US government seize some notes to also create a kind of scarcity.
What will be the effect ?

If gold becomes a reserve commodity as well, it will create artificial scarcity and the byproducts of gold like jewelry etc too will become expensive.

The question is not whether there is much gold in the world or not. Gold is contained even in sea water, though in microscopic quantities.

But in order to turn this gold into gold bars, you need to do a lot of work and spend a lot of money. In essence, this is "proof of work", the same PoW consensus algorithm. This is why gold has fundamental value.

Most of the gold is not in jewelry, but in the form of bars in the gold and foreign exchange reserves of central banks of various countries.

If these central banks decide to sell this gold (for example, to buy Bitcoin), the price of gold will collapse several times.