You hold nothing If this money not backed by something real or atleast with cash.
The BONDS treasuries not something for sure but they are more like coupons wich show's how good situation the goverment and other people are to keep value of money.
I told my own bank show me stablecoins, cash,or cryptocurrency or gold equlaint with money i have otherwise i own only numbers wich doesn't mean anything just the numbers on screen.
It's mature way to look finances i don't want to my wealth backed by bonds coupons it's speculative and we never know If they keep holding any value at all.
I stay my point: something i can hold in my hand or private wallet that's real wealth and the wealth i can count on.
Bonds are backed by the entities that are issuing them. They used to be delivered physically in the older days but are mostly digital these days.
So I don't think it's a bad option as it can be considered for diversification of investments.
At least a smaller chunk of our investment should be in bonds I believe but crypto is definitely the top most priority for investment ofcourse.