No, that wouldn't work. The gold printout would be worth its weight in gold, not the value in Bitcoin of the data printed on it. If you used $1 worth of gold to print one BTC worth $40k, the recipient would only be legally required to count it as $1 towards your debt.
Who says that? This thread seems to be full of arm chair lawyers as another comment just told me that there is no gold standard since 1970.
Whatever, the thing I want to buy with the particular coin would immediately reduce 40.000 fold in price. That might be illegal in some sense, if contracts are bound to stay valid across fluctuation, but that's basically how markets work.
In the end it's all numbers on paper anyway, so I don't see the immediate implication, except that a state is supposed not to go on a lone run.
The gold would be legal tender. Doesn't matter what's written on it; I can doodle artwork on a $10 bill and claim it's worth $1,000 because my art is awesome, but people aren't required to accept it as anything more than $10 towards a debt.
> another comment just told me that there is no gold standard since 1970
"On 15 August 1971, the United States terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency."
You keep talking about gold coins on the one hand and the US Dollar on the other hand. Sorry if you are loosing me here.
Which dictionary defines Gold Coin as Dollar, in which lemma, and how can it predict and continuisly update the exchange rate if there is no authority to poll?
Arizona can a accept taxes in sheep if they want. What they cannot do is require their citizens to accept sheep when they want to be paid in USD. Same deal with Bitcoin.
Arizona can accept Bitcoin all they like. They cannot make it legal tender in Arizona.