[unhashable]

You missed the point.

Holders of gold maintain custody at risk of physical confiscation.

Holders of Bitcoin maintain custody (of the password that allows spending said Bitcoin) and are cannot he compelled one way or another. The bitcoin moves when they say so.

[ColanR]

I didn't miss the point; this discussion is conflating two separate ideas of ownership: physical ownership of an item (gold, dollars in-hand), and unrestricted (unrestrictable?) use of an item (bitcoin, and to a limited extent dollars in-hand and gold).

There's four things in play in this discussion, and they each fit those ideas differently. Paper dollars in the hand, digital dollars in a wallet, gold in the hand, and bitcoin. This discussion would be over if better definitions of 'ownership' were used.