I think the comparison to gold does make more sense than to Fiat. Fiat has inherent value in that you can buy all kinds of goods with it. Crypto so far has hardly another use than to trade against Fiat, which atm. is similar to gold (which does have industrial applications but its price would also collapse if all the reserves got dumped). This may change in the future, albeit probably not with BTC given its tech stack and the strange philosophy of the core devs.