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U.S. DEBT $40.05T · Aug. 18, 2026 NET INTEREST $1.0T in 2026 · CBO DEBT / GDP 101% · 1946 record: 106% M2 $23.2T · Jul. 2026 BIG MAC $6.22 · was $2.24 in 2000 BITCOIN $81,859 GOLD $4,018/oz S&P 500 see FRED Prices as of Oct. 22, 2026 · CoinGecko, gold-api.com, S&P 500 link
Edition No. 1 · October 2026Free edition

The People's Ledger

Don't trust, verify.Education, not financial advice.
News · new lesson

$40 trillion in debt. Who pays, and how?

The U.S. debt crossed $40 trillion on August 18. The bigger story is the interest bill, which CBO projects will roughly double by 2036.

$1.0Tnet interest, 2026
$2.1Tprojected, 2036
80.6%held by the public

Sources: U.S. Treasury, Debt to the Penny (Aug. 18, 2026); CBO Director's Statement (Feb. 11, 2026).

Read & watch the lesson
This day in money history · Coming up in 9 days

October 31, 2008

The Bitcoin white paper is published

Satoshi Nakamoto shared "Bitcoin: A Peer-to-Peer Electronic Cash System" on a cryptography mailing list, about six weeks after Lehman Brothers collapsed.

Source: Bitcoin white paper, Oct. 31, 2008

From the archive · history

1933

Americans lose gold redemption

Thirty-eight years before the gold window closed for foreign governments, ordinary Americans had already lost the right to swap dollars for gold.

Follow the money1933 on the timelineGold standard

Markets · interactive

What one bitcoin cost, over time

Pick a range, switch to log scale, and drag across the chart to read any date. H marks each halving.

Mockup: rough year-end prices for design only. Real daily prices replace this before it goes live.

—

H = halving · drag or hover to read a price

The Wall Street desk

How Wall Street and Washington talk about Bitcoin

In a few years, Bitcoin went from being dismissed as a fad to something regulators, the Fed and the world's biggest asset managers discuss on the record. Here is what they actually said, in their own documents.

Asset managerAug. 2022

The world's largest asset manager opens a Bitcoin trust

BlackRock launches a private Bitcoin trust for institutional clients.

Forbes

RegulatorJan. 10, 2024

The SEC approves spot Bitcoin ETFs

Eleven funds that hold actual bitcoin can trade on U.S. stock exchanges.

SEC statement

TreasuryOct. 2024

Bitcoin comes up in a Treasury market briefing

A presentation to the Treasury Borrowing Advisory Committee on digital assets and the Treasury market.

Treasury (PDF)

Central bankDec. 2024

Powell: "Like gold, it's just virtual and digital"

The Fed chair compares Bitcoin to gold rather than to the dollar.

Yahoo Finance
Read it like a skeptic
  1. Who's talking? A regulator, a central bank or a seller?
  2. What do they sell? A firm with a Bitcoin fund wants you in it.
  3. Fact or forecast? A date that happened isn't a price target.
  4. Don't trust, verify. Open the source and read it yourself.

Follow the moneyBitcoinPrice chartReserve Watch

Reserve Watch · updated monthly

Who's saving in bitcoin?

Governments, countries and U.S. states, checked on the 1st of every month.

Which governments hold the most bitcoin?

Most of it was seized from criminals, not bought. Only a few countries chose to buy or mine it.

  1. United StatesSeized~328,372 BTCForfeited in criminal cases; none bought. AMBCrypto, Oct. 15, 2026
  2. ChinaSeized~190,000 BTCEstimate from the 2019 PlusToken case. Beijing has never confirmed it. CoinGecko Research
  3. United KingdomSeized~61,245 BTCSeized in a fraud case; courts are deciding what happens to it. AMBCrypto, Oct. 15, 2026
  4. El SalvadorBought~7,803 BTCBuying since 2022. AMBCrypto, Oct. 15, 2026
  5. BhutanMinedunder 1,750 BTCMined with hydropower; has been selling. Under 1,750 tracked in June 2026. The Block (Arkham data), June 17, 2026

Not on this list: Some trackers list Ukraine with ~46,000 BTC. That is what Ukrainian officials declared owning personally in 2021, not a government reserve. Decrypt

Bitcoin held by national governments, as of October 21, 2026; checked monthly. Bars to scale.

Global adoption tracker

Who holds it, who's building a reserve, who sold or reversed course, and who bans it. Tap a country.

  • Holds bitcoin
  • Building a reserve
  • Sold or reversed
  • Bans bitcoin
  • No reserve

Tap a country to see its story.

30 countries, one tile each, not to scale. As of October 21, 2026. Sources: AMBCrypto, government holdings (Oct. 15, 2026) · Czech National Bank, first test portfolio · The Block, Pakistan reserve · Trend, Kazakhstan crypto reserve · Launch Base Africa, Algeria's crypto law · The Block, Germany's sale · Central Banking, CAR drops crypto · The Himalayan Times, Nepal ban.

U.S. states tracker

Since 2025, more than a dozen states have tried to let their treasuries hold bitcoin. Three made it into law; most bills died. (Red marks failures we've confirmed; gray states may have tried too.)

  • No proposal found
  • Passed
  • Rejected
  • Can buy bitcoin
  • Hold only

Tap a state to see its bill.

U.S. Strategic Bitcoin Reserve

~328,372 BTC

Bitcoin forfeited to the government; no purchases so far. Created by executive order, March 6, 2025.

One tile per state, not to scale. Status as of October 21, 2026; checked monthly. Sources: Bex, US States Lead the Bitcoin Reserve Race (Mar. 10, 2026) · Decrypt, These US States Have Passed Bitcoin Reserve Laws (Jul. 21, 2025) · Florida Senate, HB 1039 (2026) bill history; federal holdings: Benzinga, Sept. 2026 (via verified-figures ledger).

Interactive · coming soon: did McDonald's really get more expensive?

Then vs. now: one Big Mac

Drag the handle to compare 2000 and 2026.

In 2000 a Big Mac cost $2.24, or 26 minutes of work at the $5.15 federal minimum wage. In July 2026 it cost $6.22, or 51 minutes at $7.25.

Big Mac: The Economist, U.S. reference price, April 2000 and July 2026. Minimum wage: U.S. Department of Labor. Minutes = price ÷ (hourly wage ÷ 60).

Coming soon to the Ledger

Stories on the way, straight from the Money with Mara backlog. Get them in your inbox.

The $40 Trillion Question

Can the U.S. Go Bankrupt?

The government is not a household, but that does not mean debt is free.

Coming soon
The $40 Trillion Question

The Debt Ceiling Is Not a Spending Limit

Congress votes on spending, and later stages a crisis over paying the bill.

Coming soon
The $40 Trillion Question

Can We Inflate the Debt Away?

Inflation can quietly change who pays for public debt.

Coming soon
Puzzle · week of Oct. 19, 2026

The Ledger crossword

A new puzzle every Monday, from the Money with Mara dictionary. Click a clue or a square and start typing.

1
2
3
4
5
6
7
8
9
10

Across

  1. 1 The price of borrowing money (8)
  2. 6 The list of words that can restore a Bitcoin wallet. Never share it (4,6)
  3. 8 The government's main inflation measure (abbr.) (3)
  4. 9 ___ standard: money you could swap for a fixed amount of this metal (4)
  5. 10 Money that's valuable because a government says so (4)

Down

  1. 2 The smallest unit of bitcoin: one hundred-millionth of a coin (7)
  2. 3 A general rise in prices. Each dollar buys a little less (9)
  3. 4 A record of who owns what and who paid whom (6)
  4. 5 What the government spends beyond what it collects in one year (7)
  5. 7 Every past deficit, added up (4)