Couple of thoughts...What Will Push Gold Bugs to Cryptocurrencies? Capitulation could cause this....and that will occur at BTC at much higher prices. Capitulation and the realization that it may take many more years for the paper markets to break.

Gold backed blockchain? This can occur while the paper markets are still functioning, it simply takes a gold warehouse where tokens can be redeemed for physical, and where the tokens are bought and sold on a P2P basis like GDAX. As the warehouse gets drained via redemptions, it would pull physical from the comex warehouses backing the fractional paper markets or the actual miners, contributing to a declining fractional backing on the paper market. This will ultimately lead to a paper market break when a even a minor run on physical occurs....well, we can dream can't we??