“Digital Credit” is never going to replace sovereign debt or even the slice of a portfolio allocated to money market funds. Traditionally sovereign bonds in a 60/40 portfolio were designed as a hedge to the equity allocation in the portfolio. This is because when equities sold off hard it was likely due to economic weakness which would mean rates would come down and increase the value of the bonds. Digital credit is not a hedge to anything and its credit rating decreases when Bitcoin price decreases. If you don’t want to hold Bitcoin you shouldn’t hold Digital credit and if you think Bitcoin is going to go up you don’t want to hold digital credit as Bitcoin will out performance massively.