Swan Bitcoin CEO says BTC is more demand-sensitive than gold

Swan Bitcoin CEO Cory Klippsten said BTC, like gold, is difficult to value using traditional methods, which can make its price highly sensitive to shifts in demand. In a post on X, Klippsten said companies can be valued against future cash flows, bonds against interest and principal, and real estate against rental income, but BTC lacks a comparable benchmark. Gold prices are heavily shaped by how much wealth people want to store in gold, he said, adding that BTC has this trait to an even greater degree as demand comes almost entirely from monetary use and new issuance does not increase when prices rise. As a result, a sudden jump in demand can drive prices sharply higher until existing holders begin selling, Klippsten said. He added that BTC’s recent rise from about $64,000 to above $80,000 in about a week reflected that process, while it remains impossible to determine objectively whether $80,000 is expensive or cheap.