I've always wondered why people say crypto isn't a "fiat currency." It only has value because some people say it does. And it doesn't have an Army, Navy, and Air Force to defend it, like the U.S. Dollar has.
That is, a fiat currency's value isn't based only on objective or subjective/speculative value, but also, to an extent, on the issuing state's power to require people to use or accept it in certain transactions.
The in-group must signal its faith by using certain words in the opposite sense of their usual meaning. Bitcoin is following the Scientology playbook here.