Delphi Digital highlights global debt surpassing 300% of GDP, arguing persistent money printing is reinforcing Bitcoin and gold's role as scarce stores of value

Gold already has the sovereign bid BTC bulls keep projecting: central banks bought roughly 850 tonnes in 2025, and the ECB puts gold at 27% of official reserves versus 22% for US Treasuries. BTC remains the higher-beta liquidity trade; the Czech National Bank studied it and declined to add it to FX reserves in February 2026.

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