I don't think this is the correct interpretation of 'fiat currency'.
'Fiat' of course refers to making something come into existence simply by saying it, as G_d supposedly did with the words 'Let there be light'.
My understanding of 'fiat currency' is that it is not the currency as a whole which comes into existence by fiat (which would seemingly apply to most currencies, including Bitcoin and metallic ones), but that individual units of the currency come into existence by fiat. The government (meaning the union of the Fed and the Treasury) can create additional dollars simply by writing 'X has Y dollars'. No one can create Bitcoin in this manner, so it is not a fiat currency.
'Fiat' of course refers to making something come into existence simply by saying it, as G_d supposedly did with the words 'Let there be light'.
My understanding of 'fiat currency' is that it is not the currency as a whole which comes into existence by fiat (which would seemingly apply to most currencies, including Bitcoin and metallic ones), but that individual units of the currency come into existence by fiat. The government (meaning the union of the Fed and the Treasury) can create additional dollars simply by writing 'X has Y dollars'. No one can create Bitcoin in this manner, so it is not a fiat currency.