Crypto is certainly fiat, insofar as it has no tangible backing. You're right in asserting that it isn't money; it's not. However, as far as fiat goes, it is far and away superior to central bank fiat, and this is true for a number of reasons. Primarily, it's because cryptos like BTC and ETH have a strict limit on inflation, unlike central bank notes which can be continuously printed on the whim of the bank. Ultimately, though, gold and silver are the only reliable monies.