There is a massive gulf between Bitcoin and fiat. Bitcoin cannot be arbitrarily created by anyone. It requires real-world energy and time via PoW mining. The exact total supply of Bitcoin is known and audited by thousands of nodes every single block. There is no way to digitally self-custody dollars whatsoever, while digital self-custody is the default in Bitcoin.
The above and numerous other properties of Bitcoin make it a fundamentally different thing from fiat currencies of any kind.
Dollars in a bank account are only real dollars because there is no way for dollars to exist except as tokens a central authority issues and says we must use for transacting and paying taxes.
Bitcoin sitting in a bank acvount is not Bitcoin, because it DOES exist separately from a centralized authority issuing tokens denominated in sats. There IS a way to take custody of actual sats that cannot be arbitrarily inflated.
