If government spends $100, did that $100 came from taxes or from selling bonds (which you call "debt"). I object to calling it "debt" because you can't tell. A

If government spends $100, did that $100 came from taxes or from selling bonds (which you call "debt"). I object to calling it "debt" because you can't tell. And my greater point was that buying a liquid asset is neutral to, let's call it, "net worth" of country. The government does "speculate" on gold. That is the closest equivalent. Gold is a hedge against declining value of a dollar, just as Bitcoin would be.