It does. Another alternative is that nation states “impart” some of their fiat value because they will potentially subsidize some speculative activity if the wh

It does. Another alternative is that nation states “impart” some of their fiat value because they will potentially subsidize some speculative activity if the whole thing implodes via consumer protections or whatever. The thing that is interesting about Bitcoin is that it holds up a mirror to the largely illusory nature of “value” and money, which are sort of a shared mass illusion anyway. But it’s certainly different than the dollar insofar as fiat currencies are backed up by all of the powers of a state: as you mentioned the power to compel tax payments, and also the power to allow transactions within their borders etc. Fiat money in some sense is an embodiment of the power of the entity that issues it. Bitcoin has no power backing it, so its value, if it has any, has to come from something else.