Cash is a bearer bond. It represents a liability against the central bank but what does the central bank owe you? It owes you another bill of the same type but

Cash is a bearer bond. It represents a liability against the central bank but what does the central bank owe you? It owes you another bill of the same type but in good condition. So yes, paper bill currency is just as speculative as cryptocurrency. The difference is that nowadays most money is created with a contractual obligation to get rid of it eventually, which means its value is stable(=opposite of volatile) over time.