My argument is purely a semantics one. The defining aspect of a “fiat” system is that it has value only by decree (“fiat”), from men with guns. Both crypto an

My argument is purely a semantics one. The defining aspect of a “fiat” system is that it has value only by decree (“fiat”), from men with guns. Both crypto and gold, conversely, have value primarily because humans say they do (because they have certain other features, such as are scarce). While gold has certain value as jewelry or in industrial uses, that is not why it has value as money; its value far exceeds that of its practical uses and is based on a shared belief that it is valuable. I also disagree that crypto and NFTs have no intrinsic value, but that’s not the point here. Even if you believe they have no intrinsic value, I think jumping to therefore call it a “fiat” system is a semantic mistake that misunderstands the distinctions being fiat and other monetary systems.