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3:58
US government shuts down
Experts have told Sky News that the drama unfolding in Washington is undermining trust in the dollar – and pushing investors to alternatives.
Bitwise senior associate Max Shannon said stubbornly high inflation, which erodes spending power, is another factor.
Some countries are also increasing their monetary supply – watering down the value of cash in circulation – with government borrowing on the rise.
That’s led to what’s known as a “debasement trade”, where investors pile their cash into so-called “hard” assets like Bitcoin and gold instead.
Bitcoin has a fixed supply, meaning no more than 21 million will ever exist. Almost 95% of them are already in circulation, with a small number of coins entering the market every day.
Enthusiasts argue this creates a form of scarcity that pushes prices up, as demand for BTC is considerably higher than supply.
Image: Bitcoin’s doubled in value over the past year. Pic: CoinMarketCap
The latest figures from the Financial Conduct Authority suggest about seven million people in the UK have invested in cryptocurrencies. A single coin can be broken up into 100 million pieces, meaning many have a tiny chunk of Bitcoin in their portfolios.
But much of the current enthusiasm for Bitcoin isn’t coming from everyday investors – instead, it’s institutions leading the charge.
Deep-pocketed companies and individuals are buying into exchange-traded funds (ETFs) on Wall Street that track Bitcoin’s value – allowing them to gain indirect exposure to BTC’s price rises without owning it directly. A staggering $3.5bn (£2.6bn) flowed into these products last week.
Samson Mow is the chief executive of JAN3, a company that promotes Bitcoin adoption. He played a role in El Salvador becoming the first country in the world to adopt this cryptocurrency as legal tender.
While that experiment didn’t achieve widespread success, the Central American nation continues to invest in BTC – with estimated profits of more than £350m as a result.
When asked why Bitcoin has hit all-time highs, Mow told Sky News: “Bitcoin has been a ball pushed underwater for months – this move up was inevitable. Raw demand has simply caught up with the incredibly limited supply.”
He pointed to how 6.7% of Bitcoin’s supply is now tied up in ETFs – with Strategy, a company that has the goal of accruing as much BTC as possible, owning a further 3%. This means there’s less to go around overall, in what Mow describes as “the beginning of a massive supply shock”.
Image: Samson Mow is a vocal Bitcoin supporter. Pic: Reuters
The entrepreneur believes a single Bitcoin will one day be worth $500,000 (£371,000), meaning the cryptocurrency’s total market capitalisation would surge to $10trn (£7.4trn). That’s more than double what Nvidia’s currently worth as the world’s most valuable company, and would make BTC the second-largest asset after gold.
Mow shrugged off any suggestion Bitcoin’s dramatic price rises aren’t sustainable – and insists the only thing that’s “definitely not sustainable” is BTC’s value remaining as low as it is.
“There are only 21 million BTC. Most corporations, billionaires, and even millionaires still have no exposure to Bitcoin. Nation-states have yet to seriously begin accumulation too, but many that we’re engaged with are very interested and are looking to move quickly,” he said.
Of course, not everyone shares his enthusiasm. Critics argue Bitcoin lacks intrinsic value, with some claiming it’s “worse than a Ponzi scheme”.
David Gerard, a journalist who’s deeply sceptical of the crypto industry, told Sky News that Bitcoin suffers from thin trading volumes – resulting in “unfeasibly volatile prices” and an “easily manipulated market”.
“Bitcoin trading is overwhelmingly in unregulated offshore exchanges, so Bitcoin is not a well-functioning market in the sense of, say, stocks,” he said. “If investors treat Bitcoin as a well-regulated market, they will get burned. ETFs are regulated instruments, the way Bitcoin’s price is set is not.”
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2:13
The £5bn Bitcoin battle
Gerard has railed against BTC for years, and wrote a book condemning the sector in July 2017. But in the eight years since it was published, Bitcoin’s price has risen by more than 5,200%. Has this changed his views?
“Everything that’s structurally wrong with Bitcoin is still wrong with Bitcoin,” he said. “Anyone who sees the big number and thinks ‘time to get in’ is the sucker the big boys are making their money from.
“You can definitely make money in Bitcoin! But statistically, you’re much more likely to be the sucker.”
Some banks, including Morgan Stanley, now encourage their clients to allocate 2% to 4% of their portfolios into crypto – but doing so when prices are so high is risky.
While it’s possible Bitcoin could keep on rising, this is an asset also known for punishing pullbacks that have seen investors, including people right here in the UK, lose a lot of money.
This tends to happen every four years. BTC surged to a record price of $20,000 in December 2017, but plunged by more than 80% a year later – falling below $4,000.
Another all-time high of $69,000 then followed in November 2021 – but 12 months on, a spectacular crash dragged it back down to $17,000, a 75% drop.
Four years on in October 2025, here we are again: BTC has never been higher. History doesn’t always repeat itself – but if past performance is a guide, 2026 could prove challenging.
“We used to drink a beer every weekend,” she tells me, her eyes trained on the small little table on the patio where they would sit and talk.
“So for 500 days I came to have a beer outside the table. Here I put the beer for grandpa and I put the beer for me. He was my psychologist for 500 days.
“He was only a few kilometres from me and I just imagine him coming in with a big smile.”
Image: Rita Lifshitz tells Sky News her kibbutz ‘wakes up every morning to the 7th of October’
Around her, the charred remains of violence, death, and devastation. The burnt-out wreckage of happy lives that came to a horrific end.
I spent two hours walking around this kibbutz with Rita. She showed me the places where friends had been murdered, where loved ones had been taken hostage, and where her best friend had been shot and then dragged away, his blood still smeared over the floor of his home.
“It is a trauma,” she says. “And all of us, the whole kibbutz, wakes up every morning to the 7th of October.”
In total, 117 people, more than a quarter of those who were there that morning, were either killed or kidnapped. No other kibbutz suffered such a high proportion of casualties.
Among them, Oded Lifshitz and his wife, Yocheved. Both were in their 80s, and both had volunteered for charities promoting peaceful relations with Gazans. Both were taken hostage on October 7.
Image: Oded Lifshitz, who died in Hamas captivity
Oded used to drive sick children from Gazaand take them to Israelihospitals for treatment. Now we stand in the charred remains of their home.
Yocheved was eventually released after 16 days as a hostage, but Oded died in captivity. His body was not returned until earlier this year, but he had probably died a year earlier.
And now we stand in the charred remains of their house.
To Rita, this place is both a touchstone to a happier time and also a stark warning of inhumanity. A panel of metal is all that is left of the piano that Oded loved to play.
The couple’s crockery is still scattered in a corner, thrown there when their furniture was upended.
“They started firing rockets at us at 6.30 in the morning, but we didn’t worry because they have been firing rockets at us for 20 years,” says Rita.
“There was one day we had 800 rockets land round here, so we are not scared of rockets. We didn’t get any information about what was happening, no warning.
“The first we knew was when two people working in the fields saw Hamas, and they were the first ones to be killed.”
It is believed that around 540 fighters attacked the kibbutz – far more than Nir Oz’s entire population. It was a massacre. Only six houses escaped attack.
The nursery school workshops, gardens – all of them shot, burnt, destroyed.
We move to the far end of the home, picking our way through the debris that still litters the floor.
There is a steel door, the entrance to the bomb shelter where Oded and Yocheved often slept and where they tried to hide.
Their beds are still here, blackened and burnt. In the door are bullet holes – Oded had done his best to hold the door shut, but he was shot in the hand and the attackers stormed in.
‘The death road’
The last time Yocheved saw her husband was him lying on the floor, bleeding. As she was taken away, rolled into a carpet, she didn’t know if he was dead or alive.
To walk around this kibbutz is to witness the scars of trauma again and again. A black flag outside a house means someone died there.
A yellow flag designates that an occupant was taken hostage. There is a road that Rita calls “the death road,” where almost every house has at least one flag outside.
We go into the home of one friend, who was murdered in the living room. Her clothes are still there, her handbag hangs on the bedroom door. It feels so intrusive to be here, but Rita insists the world needs to see.
We see Natan, a long-term resident who is now 88 years old. His home was one of only six to escape being ransacked, because the Hamas attackers couldn’t work out how to get through the front door.
He says he came back as soon as he could, despite the destruction around him, insistent he is not fearful.
“This is my home,” he says emphatically.
Image: Natan says his home was one of only six to escape being ransacked
Rita takes me to the home of her best friend, Itzhak Elgarat. Unlike most of the homes, his was not set ablaze, so it still looks now as it did then.
A bottle of olive oil is on the side, cooking ingredients laid out, a couple of bottles of wine set on the table.
But also bullet holes strewn across the walls, in the furniture. Possessions thrown around and, horrendously, Itzhak’s blood still smeared across the walls, the floor, and the door where he was shot.
The other side
I climb a set of stairs, which used to belong to a house that has now been demolished.
You can see Gaza in the near distance, across a few fields.
And over there, not so long ago, Sabah might have been looking back.
Just as Rita’s life has been torn apart by the war, so has Sabah’s. For Rita, it is the mental torment of what happened on October 7, the struggle to process and to move on.
Image: Sabah says she has been displaced 13 times due to Israeli strikes since 7 October
For Sabah, it is something more fundamental. A Gazan displaced from Khan Younis, she once lived in a grand home near the border, only a couple of miles from Kibbutz Nir Oz, as the crow flies.
It was a home for multiple generations, the pride of her life, “a place meant to give us stability and peace”.
Since then, she has been displaced 13 times, and she worries that her home has been reduced to rubble.
“Personally, I long to go back to even the ruins of my house, to sit among the rubble, simply to be there,” she says.
“Even that would be better than this life. At least then I might find a little peace.”
The last time she saw her home, it had been hit by an explosion. Some of it was destroyed, but other parts were habitable.
But since then, Sabah has been told that it has been damaged by both fire and military action – news that devastated her.
Image: A building in Gaza in ruins after an Israeli strike
She says: “Someone told me ‘your house was the very first thing they burned. The fire raged inside for three days. And after they burned it, they brought in an armoured vehicle and blew it up’.
“Just imagine losing your home. When they told me what happened to mine, I spent nearly ten days doing nothing but crying.
“It feels like your soul is torn away. Your spirit leaves you.”
Image: ‘We are an oppressed people,’ Sabah tells Sky News
She insists that this story is not just about October 7, not just about Hamas, but about decades of struggle that led to this point, about Palestinian anger and accusations that they are oppressed by Israel.
“This goes back generations. What happened on October 7 was not the beginning of the story. I remember my father, my grandfather, and their fathers before them telling what they had endured. We have lived our entire lives under this weight.
“This land is ours, our homeland. We did not buy it. It has been passed down from our ancestors, generation to generation. That is why it is not easy for me, or for any of us, to surrender it.
“The truth is that we are exhausted. We are an oppressed people. October 7 was just one day, but for us, it has felt like living through hundreds of October 7th’s, over and over again.”
The first rule: Israel would manage the threat from Hamas but not try to eradicate it. Israel’s policy of dividing and ruling the Palestinians’ rival factions had come back to bite them.
Instead, Israelis insisted in one voice after October 7 no more “mowing the grass”, their euphemism for cutting Hamas down to size, from time to time. This time, the job must be finished.
That would change the way Israelis waged their war in Gaza. Not least in the way they would tolerate many more civilians dying, in the name of defeating their enemy. If the target’s rank was high enough, the deaths of scores of civilians – women and children – would be acceptable.
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7:43
Two years on from 7 October attacks
The outcome has been an unprecedentedly high civilian death toll.
Israel’s war on Hamas has now killed more than 67,000 people in Gaza, most of them civilians, according to the Hamas-run health ministry, which does not differentiate between civilians or combatants.
Its impact will be felt for generations to come, not least no doubt on the potential radicalisation of those who have survived.
And it has seen Israel, a nation conceived in the wake of one genocide, accused of perpetrating another. That stain, justified or not, has implications for Israel’s psyche and own sense of identity.
Israel denies all accusations of genocide. But it has potentially grave repercussions for its future.
Abroad, popular support for Israel has fallen most of all among the young and most of all where it needs it most: America. The rule that supporting Israel will always be a vote-winner in the US is also now in question.
But the rules have changed Israel’s borders and in the way it has chosen to wield its increasingly hegemonic military power even more dramatically.
Image: Benjamin Netanyahu’s Israel is now finding itself increasingly isolated. Pic: AP
Israel’s leaders found a new boldness in the wake of October 7, at the same time as technological and tactical advances gave them the tools to pursue it.
The pager operation against Hezbollah that crippled the Shiite Lebanese militia was planned long before October 7. But it reached operational utility just as Israel found the risk appetite to implement it.
The pager attack disabled Hezbollah’s ability to launch tens of thousands of missiles, after months of attritive attacks on them by Israel.
For as long as Hezbollah held that arsenal of missiles, it was assumed Israel would not risk attacking Iran. With that neutralised, Israel could now take on its ultimate enemies there.
Image: Netanyahu has provoked Trump in the past with Israel’s military offensives. Pic: Reuters
In the prelude to this anniversary, Benjamin Netanyahu is learning the limits of what can be achieved by military power alone. Having invested more in military action than constructive diplomacy, Netanyahu’s Israel is now increasingly isolated.
Israel’s leader finds himself hemmed in by a US president being leant on by Arab allies. Trump will not tolerate Israel annexing the West Bank and wants a deal that offers a “credible pathway” to a future Palestinian state.
Netanyahu needs to show he can still bring the remaining hostages home, that fighting the war this long was justified, and he has a plan for what happens the day after.
And if the war is being drawn to a close, with American mediation and the support of Arab partners and allies, they all have responsibilities too.
To find a better new status quo with far better rules, to make sure the carnage and regionwide turmoil of the last two years can be brought to a close and never repeated.
A source with knowledge of the situation told Reuters the evacuation should be completed on Tuesday, though the Tibetan regional government did not have an immediate comment.
Those rescued so far have been escorted to the small town of Qudang, which is about 30 miles from base camp on Everest’s Tibetan side.
Image: Tibetan firefighters rescue trekkers from Everest. Pic: Reuters
October is a popular time for hikers attempting to climb Everest – the highest mountain on Earth.
Skies are usually clear following the end of the Indian monsoon season, making the weekend’s rainfall unusual.
Chen Geshuang, who was part of an 18-strong team that safely got to Qudang, said: “It was so wet and cold in the mountains, and hypothermia was a real risk.
“The weather this year is not normal. The guide said he had never encountered such weather in October. And it happened all too suddenly.”