I don’t think there is such a dichotomy for Bitcoin between being a commodity and fiat. Austrian-Mengerian Carlos Bondone already solved that problem even before Bitcoin was invented by generalizing the concept of money to “the most salable economic present good” (instead of Menger’s “the most salable commodity”). Present goods can be tangible (gold) or intangible (labour or a pdf book) and present goods can never be anyone else’s liability so fiat can’t fit in there. Bitcoin is an intangible present good.

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