Exactly. This is probably because most merchants and businesses worldwide accept Fiat than crypto. We all know that Bitcoin is not merchant-friendly because of its slow transaction speeds, high fees, and most of all, unstable prices across the market. As long as people measure Bitcoin's value relative to Fiat, it cannot be used seriously as a safe-haven asset in times of turmoil. Rest assured that once the world's economy collapses, people will resort to an alternative system that's free from the likes of central banks and governments worldwide. This is where Bitcoin and other cryptocurrencies come into play, as they eliminate the middleman out of play.

With only 21 million Bitcoins that will ever be mined, there's more than enough reason for it to be widely compared as Gold. The number of people using Bitcoin is still low compared to those using Fiat. As governments print more money in order to "maintain the economy", inflation will rise like never before. After that, people will lose trust in the banking system paving the way for widespread usage of Bitcoin in the mainstream world. Until then, we'll continue to see people cashing out everything for Fiat in order to survive in this life-threatening situation. Just my opinion