US debt is spiraling out of control, and in response, the government has decided to shut down. In Japan, the uncertainty surrounding the prime ministerial election and expansionary monetary policies are devaluing the yen, while in Europe, political risks, such as the fall of the French government, are rising again.
The result is a rapid shift in trust. Investors are no longer trusting government bonds, but rather assets independent of governments.
Gold, silver, and Bitcoin… They are all part of the same story: the credibility of currencies is eroding.
The US government shutdown isn't just a political crisis; it's also a tipping point for the dollar's global credibility.
The federal budget deficit reached $1.6 trillion between July and September, while gold surged above $3,900, testing its highest level in history. This time, demand is being driven not only by individual investors but also by central banks.
Developing countries are shifting their reserves from the dollar to gold because the "safe haven" is no longer the dollar.
All of this points to a quiet but profound transformation in the global financial system.
JPMorgan predicts that gold could surpass $4,000 by mid-2026. This rise is fueled not only by inflation but also by a loss of faith in the monetary system.
Gold is once again becoming a measure of value, a "substitute for money."
The digital component of this transformation is gaining momentum at the same pace.
October, which crypto investors refer to as "Uptober," is historically the best-performing month for Bitcoin.
According to Bloomberg data, Bitcoin has returned an average of 22.5% in October over the last 10 years.
Last week, $3.2 billion inflows into Bitcoin ETFs in the US, the second-highest level in 2025. BlackRock's iShares Bitcoin Trust ETF, in particular, broke a record with $49.8 billion in open interest.
The derivatives market is also experiencing significant activity. Total open interest on the Deribit exchange and the IBIT ETF has approached $80 billion. This figure is approximately 10 times the level at the beginning of the year.
All indicators point to the same thing: Investors are now turning to limited-supply, policy-neutral assets rather than fiat money.
The information, comments and recommendations contained herein are not within the scope of investment consultancy. Investment consultancy services are provided within the framework of the investment consultancy agreement to be signed between brokerage firms, portfolio management companies, banks that do not accept deposits and customers. The comments in this article are only my personal comments and these comments may not be appropriate for your financial situation and risk return. For this reason, investments should not be made based on the information and comments in my articles.
