The price is volatile, yes. Not because of the asset. The assets are almost perfectly stable. Moron investors are volatile.
Gold and BTC are shiny.
They crash when they're portrayed as all that glitters.
For example BTC had a bunch of moron money in it, then ncov happened and all the morons pulled out. Then Musk happened and it was shiny for a bit, then he pulled out and all the morons jumped with him because their strategy isn't any more profound than [follow Musk]. Real BTC price swings would depend on supply and demand for capital, not weird social nonsense. E.g. imagine a bunch of construction was legalized and demand for capital spiked to fund the building.
Hey, maybe I could one day live in a society where morons who can literally be convinced by [it's shiny] don't have significant amounts of money? Where did they get it? Why hasn't the fool already been parted?