China has added gold to its reserves 22 months in a row, while Beijing keeps Bitcoin trading banned. Cory Klippsten, founder and CEO of Swan Bitcoin, says there’s dark logic behind it: gold is hard money a state can still control.
Klippsten explains what China can and can’t control about gold, why he went looking for a new gold standard and found it falls well short, and the four horsemen he says are pushing bond yields to their highest since 2002: war, growth, debt and Japan.
He also says only two Bitcoin treasury companies, Strategy and Strive, are truly running the strategy, and why he now suggests 90% of Bitcoin exposure sit in real on-chain coins. He explains why he calls the AI payments pitch for Bitcoin “Bcash logic,” and names the one risk he takes seriously. And he puts a Bitcoin standard for the West somewhere between 2070 and 2090.
Recorded October 1 2026
Follow Jeremy Szafron on X: @JeremySzafron (
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Follow Cory Klippsten on X: @coryklippsten (
Chapter
00:00 China’s Gold Buying Push
00:54 The Dark Logic of China’s Gold
04:15 Why It’s Not a New Gold Standard
06:04 Why Investors Are Turning to Hard Assets
07:20 The “Bondpocalypse”: Why Cheap Money Is Over
10:31 Why Bitcoin Is Rallying Anyway
13:16 Bitcoin vs. Washington’s Crypto Rules
15:45 How Investors Get Bitcoin Exposure
19:45 Only Two Bitcoin Treasury Stocks Have a Chance
24:41 Bitcoin and AI Payments: Hype vs. Reality
28:49 Bitcoin Mining and Proof of Work Explained
30:34 Bitcoin Custody and Exchange Risk
37:21 Government Risk for Bitcoin
39:15 A Bitcoin Standard by 2070–2090?
#Gold #Bitcoin #China
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32 Comments
Does anybody give a flip about bitcoin other than washed-up gamers?
BCH💚🐉💚🐉💚🐉 real Bitcoin BCH
"When we bring up bitcoin, we lose most of the audience"..LMFAO…
People are waking up to the biggest ponzi scheme in the history of man.
😂😂 No way Bitcoin
21 million BTC just like 21 million silver coins paid by qing dynasty china to England after losing opium war, perhaps long experience cannot replace high intelligence if still cannot see through it.
I love gold but I'm realising in a digital world where gold is tokenized and controlled already, Bitcoin is king. It can't be controlled. And once it's all bought how are you going to buy it? You'll have to buy Blackrocks ETF and strategy. And it won't be at 100k
Bitcoin stopped being a “revolution” a long time ago. At this point, the only people consistently making money from it are the promoters, exchanges, and influencers who need new buyers to keep the game going.
In the video, the guest claims that “AI agents” will all conclude Bitcoin is the best store of value. I actually tested that claim with the major AI models. Bitcoin wasn’t even close to the top. Cash and short‑term Treasuries ranked higher, along with other assets that actually have stability, liquidity, and real‑world backing.
Yes, the future is probably digital, stablecoins backed by securitized government debt, commodities, or other tangible collateral. But it won’t be Bitcoin. Bitcoin burns enormous amounts of energy to maintain an artificially scarce digital token, and its volatility makes it unusable as a currency or a reliable store of value.
Calling Bitcoin a waste of money and energy isn’t hyperbole. It’s just the reality once you strip away the marketing.
Obviously many who subscribe to this channel hate BITCOIN as is obvious by their naive and blatantly misguided statements, fair enough, you don't understand it stay away, but don't make false claims that are so wrong it makes you look stupid
Ditch the 10 minute Ai ads F F S !
Honestly, have some rspect for your Guests and your viewers.
Cory is basically long hair Jeremy
Gold provide the answer it is down and sideways for bitcoin do not be delusional and, by the way, China hates bitcoin the empire has spoken…
Bitcoin has failed manifestly in demonstrating its purpose. Just look at the graph over the last 12 months. It’s a proxy for the NASDAQ at best, a religious Ponzi scheme at worst. How can anything so violently volatile and manipulated be taken as a serious safe haven.
I actually agree that owning real Bitcoin is fundamentally different from getting exposure through an ETF. Too many people overlook that distinction.
Jeremy, you are amazingly good at your job. Thank you for putting in the effort.
Frank gustre is biying up stex which will offer gold yields. He bought 1m at $3 and it is trading at 0.70
Bitcoin maxis deny all the faults inherently designed into its coding.
It’s annoying how Kitco keeps pushing these guys. Blockchain is so much more than Bitcoin. BTC beta-test-coin
Yep, China is buying Gold. The era of cheap money is NOT over, you just have to know where/how to find it.
Bitcoin aids criminal activity. AI will assist in the hacking into of Bitcoin accounts.
dude must be a metalica fan
No, that just know ButtCon is utter scheit.
I think you look like cousins. Jeremy has to let his hair long though 😃
Enjoyed the guest! Bitcoin etf GBTC has been a big disappointment. That aspect is missing from a lot of Bitcoin advocates. "Tell the truth and shame the devil". Industry pressure should be applied to GBTC because GBTC makes the entire industry look like illusionists, liars, thieves and other misc nouns and adjectives. Ask AI? AI is full of the slop it previously swallowed, and that is reinforced.
Bitcoin 😂
Great interview. Thank you
23:00 MAYBE IF YOU'RE OLD!
Bitcoin is too slow. You need more speed, and more risk, for more growth.
Isn't it funny how Cory is conservative for crypto? 😂
12:00 STOP OVERTHINKING BITCOIN. IT'S JUST BETTER MONEY.
China prevents bitcoin from being traded. They know it will eventually go to zero.
Fiat is fiat. China and its people buys gold from a 1000 year perspective. In addition China knows how easily it can print the Yuan.
2:24
China Gold is “Hotel California”…
People there can get gold “in”….it just cannot and will not ever “get out”
Would like to see evidence for the statement “almost nobody bounces out of bitcoin.”
There's not a "fixed supply" of BTC. Just like there are a billion sh*tcoins. There can easily be BTC 2.0, 3.0 etc. Blockchain is a great tech for moving funds. But BTC is a sketchy Ponzicoin as a security or "investment". KYC capitulation destroyed the only REAL utility and intended purpose of BTC.
I was tech-savvy but…got lost in the maze of uploading IDs and whatnot…I eventually bought some XRP…maybe 10 years ago. I never found a way to access it again. Now I'm not tech-savvy, just an old guy who will never buy bitcoin. 🙂