The Fed can manipulate the gold market, which is orders of magnitude larger than the Bitcoin market. It can crush Bitcoin with little effort. Couple this with some cyber-warfare technology, and it costs very little.
That’s the fatal flaw in Bitcoin. Governments reserve the authority to create money out of nothing (aka, counterfeiting) to themselves, and can no more tolerate competition from alternative currency systems than they can counterfeiters.
We shall see. This is the first iteration, lots to learn and improvements to be made. Already there are almost a hundred more in the pipeline. It's a powerful idea, kind of like the idea of freedom in lots of ways. Of course the old system isn't going to go quietly - have they ever?