I think Bitcoin has defied gravity for so long in part because people profiting from it deliberately confuse the public about what it is. All the contemptuous talk about Bitcoin being superior to "fiat" currency carries the unspoken message Bitcoin and dollars are the same kind of thing. But currency is just a minor special case of money. It's hard to credit that the promoters honestly believe that dollars exists only by fiat and are buoyed up only by irrational faith. Yes, fiat, an almost infinite trans national web of uncountable billions of diverse and interlocking dollar-denominated contracts, payment schedules, mortgages, loans, bonds, employment agreements, retirement accounts, invoices, and countless other instruments that give dollars collectively the reality of concrete.