Trump’s reelection has bolstered optimism among crypto investors due to his pro-crypto stance.

Institutional investors — including hedge funds and asset managers — are increasing exposure to Bitcoin, viewing it as an alternative to the dollar and traditional assets.

Interest rate cut expectations have also fueled risk appetite, pushing more money into digital assets.

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“This time, the US government shutdown is a significant driver,” said Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank.

He added that Bitcoin’s recent rally reflects its correlation with the US Treasury term premium, a measure of long-term investor confidence in the American economy.

Historically, October has been one of Bitcoin’s strongest months, with only two declines recorded since 2013 — adding seasonal momentum to this year’s surge.

Will the Rally Continue?

Market watchers are largely optimistic that both gold and Bitcoin will continue their upward trajectory.

“I expect Bitcoin to keep rising during the US government shutdown and soon reach $135,000 (around Rp2.25 billion),” predicted Kendrick.

For gold, HSBC projects the rally could extend into 2026, fueled by continued official sector buying and sustained institutional demand.