A bitcoin reserve would be a government-backed grift.Illustration by Jonelle Afurong / The Atlantic. Sources: Tipp Howell / Getty; Francesco Carta Fotografo / Getty.In the months between Donald Trump’s election and his inauguration, cryptocurrency prices soared on speculation that the president would appoint crypto-friendly regulators and set up a “strategic bitcoin reserve.” Trump has delivered on the regulatory front: The Securities and Exchange Commission has a new pro-crypto commissioner and...