There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?
Fiat currencies cannot be completely irrelevant to cryptocurrency because crypto is decentralized and it can only be useful with the help of fiat currencies when it comes to offline. Fiat currencies are needed especially for transactions to covert cryptocurrencies to any fiat currencies. So without fiat crypto will be used only online and become useless offline.