> The only difference between fiat and crypto is that fiat is often backed by people that can print more money/manage the supply

This is really not the only difference. As Elon Musk recently said, the government has a "monopoly on violence" and acts as an authority that arbitrates disputes (up to and including between countries), works to ensure proper controls and regulations through laws, etc., all of which helps to underpin the value of the currency. Cryptocurrencies are backed by no central authority with these powers.