Crypto is going down, and so is the Texas crypto fund.

We had strong reservations about the Texas Strategic Bitcoin Reserve, signed into law last year, and it’s taken but a few months for the market to confirm our misgivings.

Cryptocurrencies have been in a nosedive since the fall. In February, Bitcoin lost roughly 45% of its all-time high peak value of $126,000, falling to a low under $64,000. It has slightly recovered since, but digital currency looks less appealing by the minute.

Our main concern is the use of taxpayer dollars on a high-risk and shadowy currency. For one, bitcoin and other cryptocurrencies are extremely volatile. Proponents of the bitcoin reserve might argue that investment portfolios often include a mix of low-risk…