Yes, but gold is totally inferior against this type of attack.

Gold supply is undefined, while Bitcoins is precise.

Gold supply is not auditable, while Bitcoins supply is public.

Gold is impractical to self custody over a value threshold, while Bitcoin can be self-custodied at any value level.

Gold is slow to transport or settle, while large amount of Bitcoin can be moved within an hour at a trivial cost.

Businesses like FTX, Blockfi, Celsius, and MtGox have showed us what happens if you run a fractional reserve Bitcoin system. FTX in particular is a great example of a suspicious, government backed company blowing up because they were operating fraudulently.

But don't take my word for it. Just wait on the next decade. Either coinbase runs a full reserve bitcoin bank or they go out of business. I'm betting the latter, and I'll happy take cheap sats if there is manipulation.