Your editorial “The Fool’s Gold of a Crypto Reserve” (March 10) raises a number of arguments against President Trump’s strategic crypto reserve, but the bulk of these critiques aren’t unique to crypto. They apply to all alternative assets held by the Treasury. Having a strategic reserve of gold and euros also invites presidents to bypass Congress on spending.

The crux of the argument against a crypto reserve is that “gold has been used as a store of wealth for centuries,” while “bitcoin has been around for all of 16 years.” For those who focus on the short-term movements of bitcoin, this argument is persuasive in a month when bitcoin is down more than 10% and crypto hucksters abound.