[twelve40]

I believe this is completely wrong, the values of many important currencies are not at all derived from some vague market value, but are very actively centrally fought for, and controlled by the respective governments, and their respective economic and military might, and reserves - no equivalent in the typical cryptocurrency world. The decision to devalue the currency to save the economy, the decision to change course and peg a currency to something else entirely, the centralized fight to contain hyperinflation with all resources of a government, these have nothing to do with "deriving values from the market".

In contrast, there is no central government with military and reserves that can decide to manufacture an extra $3 trillion same price BTC on a whim to temporarily address a virus, or to devalue BTC to save the local economy, most crypto "currencies" just don't seem to work that way.

[BiasRegularizer]

You didn't quite get the point. As individual currencies governments exert a lot of power over their relative value to other currencies. As a whole, worlds fiat currencies hold no intrinsic value. No government can dictate that a kilogram of gold to only cost $1.