They already did make a "gold backed" currency, see how it went 😉
The very first bankers who took gold in exchange for certificates, well before the state issued the gold-backed-paper-cash currencies we know about, immediately started doing fractional reserve, there is just no hope.
On the other side, a "gold backed fiat currency" is kind of a contradiction in terms, as it can either be backed by gold, or be fiat money.
Sorry you’re right- gold backed cannot be fiat, we became fiat after removing the backing, my mistake.
I also wasn’t aware that fractional reserve banking started while being on a gold standard. All this being said, I think we’re definitely on the right path with bitcoin and if previous currencies with backing were subject to fractional reserve then there definitely would’ve been a use case for BTC even on a backed dollar system
Even just from a monetary standpoint, not considering the points you mentioned before. I think I have my answer
