Fiat is virtual, bitcoin is not imo.

Consider that a trillion units of fiat can be created instantly at the stroke of pen, this cannot happen with bitcoin (*very* indirectly, because of the energy consumption required).

I understand that being a physical object or not might feel like the right definition, but I don't think so, it's more useful to consider what is virtual as what can be instantly, cheaply copied. (virtual as opposite of *real*, not opposite of physical).