When the government can track and seize on-chain assets as per the map, how much of the hedging property of 'digital gold' remains?

XBIT DEX says that Canadian billionaire Giustra questions Bitcoin and other cryptocurrencies as “digital gold,” arguing that crypto assets can still be tracked and seized by governments. He links this to the U.S. authorities’ seizure of nearly $1 billion worth of crypto assets related to Iran, and emphasizes that because blockchain public ledgers are transparent, holders are easy to track—while memorizing recovery phrases or storing assets offline cannot completely prevent seizure. This argument weakens the “digital gold” narrative: if assets can be tracked and seized, they should not be equated with physical gold.