Microsoft co-founder Bill Gates was recently asked where he would put money if he wanted to diversify away from the U.S. dollar. His choices included gold, the euro, Chinese yuan, and cryptocurrency. Gates said he still wouldn’t choose crypto as an investment, calling it a “pure mania-driven asset.” If he wanted to diversify away from the U.S. dollar, he’d rather own a globally diversified basket of stocks. He makes sense.

It’s not because Bitcoin (BTC +0.13%) is worthless. Bitcoin has clearly proven that people are willing to assign enormous value to a decentralized digital asset. And anyone who listened to Gates’ warnings years ago and avoided Bitcoin missed some spectacular gains. But price appreciation doesn’t necessarily make…