Fiat currency is designed intentionally to do one thing. Drain wealth and purchasing power away from people who use it.

In this context “fiat” is money created by the state with no legitimate work, time, truth or energy put into the creation of it. If money is our time and energy abstracted, true money must be created with the expense of time and energy. Fiat is created out of nothing, with no limits, because a government decided to. Bitcoin is created and secured with the expenditure of time energy, with a finite limit.