Anything of universally accepted value is in some way commodified and given a value in fiat.
Before 2020 BTC was fairly uncorrelated w fiat, but institutional adoption has changed that lately. Now alts correlate with BTC which correlates w fiat and so in a way fiat is still king even in crypto. Cogito has tools to change that ... Will be excited to go into details once we release the whitepaper...
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