[rspeele]

Of course not!

I thought we were just listing things paid for in dollars. Like "the US military which backs the dollar, and the other armies which compete with it". The armies of the world ain't going away either. Nor banks. Nor status signaling.

[jcranmer]

No, it seems to be a serious belief that some enthusiasts have that the USD doesn't have value except for military spending, and therefore there's no need to spend on a military if you have an alternative trust basis for currency.

More likely, I think it's the cognitive dissonance of Bitcoin's insane energy usage causing them to find anything remotely plausible to tot up in fiat's column, especially now that Bitcoin pretty clearly consumes more energy than not merely "all the computers backing VISA" but "all the computers backing all financial transactions for all currencies in the world."