wouldn't the use of bitcoin have a negative effective on the value of fiat currencies?
It depends on how well-adopted bitcoin is. It's unlikely for bitcoin to cause a decrease in value in the near future, but if bitcoin gets really, really big it could happen.
The thing is though, the US government will never let bitcoin get to a point where it's possible it could decrease the value of the dollar, so even if bitcoin gets to that point it will likely be stopped by regulations.