Debasement of currency happens for a few key reasons, most of which are far removed from modern financing in the West. And Bitcoin is, by design, both wasteful

Debasement of currency happens for a few key reasons, most of which are far removed from modern financing in the West. And Bitcoin is, by design, both wasteful in terms of energy, and volatile, which excludes it from any reserve currency status. Remember, these are emergent from the design of the platform and incentives keep Bitcoin from changing. Deficit spending... sigh. I am sorry, but this idea that deficit spending is irresponsible is often tied to beliefs in gold-backed currencies, hyper inflation being inevitable due to 'money printing' and other misconceptions. Deficit spending is not bad. Any government who did not deficit spend is basically tying both hands behind their backs. It is an incredibly useful tool that can be used as both to kick-start an ailing economy, or cool an over hot economy through higher interest bond sales. Politicians who insist on no-deficit budgets are generally scammers or populists and, in my experience, will ignore this rule once in power. The main reason deficit spending is not an issue is that inflation eats away at debt over time. Countries, being effectively immortal, don't have to worry about retirement and so can continue to build wealth and finance debt for centuries to come. How those loans are spent is a whole different kettle of fish.