New Delhi, Jan. 2 -- On the first day of 2026, Bitcoin was trading at around $87,600 in early hours, down roughly 6% over the year and more than 30% from its October peak.

The irony of this slide in "digital gold" is that the real thing, gold itself, has gained about 63% in dollar terms over the year, thanks largely to safe-haven demand in the face of global uncertainty.

Bitcoin's autumn selloff was triggered by hugely leveraged bets on this crypto being unwound, but perhaps the big let-down was America's Strategic Bitcoin Reserve set up by US President Donald Trump.

Investor hopes of federal purchases sank once it became clear it would only hold seizures by law enforcers.

In the absence of plans for an e-dollar, what the US effective...