While many are questioning Bitcoin’s foundations, perhaps even more importantly, Bitcoin is questioning the foundations of the central banks. Cryptocurrencies challenge the monopoly status of national fiat currencies, and—just as central banks around the world are pivoting from money creation (“Quantitative Easing”) to money destruction (“Quantitative Tightening”)—the existence of Bitcoin heightens our awareness of just what, exactly, money is. With fiat currencies beset by a flurry of new uncertainties, hard assets, such as commodities, real estate and infrastructure, are an attractive hedge for the year ahead – not only against shares and bonds, but also against cash. What is Bitcoin?...