Well, gold owes it's continued existence to the continued holding of the laws of physics.

Practically, I suspect Bitcoin relies on the reach bitcoin mining networks. If, eg, China's bureaucrats go mad and split China off from the main internet for a decade, what happens to bitcoin? I've been led to believe the serious mining pools are Chinese. Gold doesn't care about that sort of thing at all, it just keeps existing.

There are arguments for both. Storing metal is a cost.

If China cuts off its internet, Bitcoin would still exist though. I fail to see the connection

It would still exist, but split into two blockchains. They would diverge, effectively becoming two completely different things, with different values. What kind of asset you have would depend on what network you are connected to.

This situation already exists for gold: gold (the physical stuff) in China and in the EU are loosely coupled: try to move your gold bar around.

> I fail to see why would anyone buy gold bullion for example

To make electronics out of it. The comparison of Bitcoin with gold falls short because gold is useful even outside of being a commodity or payment method.

imho the biggest difference is: gold is currently the preferred reserve by the world governments, which hold 30k tons, including the government with the largest military in the world. There is a chance that those in power will put a bit of effort to keep it more or less stable.

Actually, it is debatable how much gold does the USA hold: audits are not allowed.

Germany was recently "discouraged" of claiming their gold reserves back.

and they store it because there is a market for it, because people find it valuable, if the millennials don't get why a piece of metal has value, there isn't much governments can if no one buys their shiny metal.

except when it's e.g. required to manufacture the electronics these millennials use. gold might be over-valued in your opinion, but it has intrinsic value, unlike bitcoin.

oh, right, millennials

It doesn't rust.