Agree. And then when it’s used as a currency to transfer wealth based upon those abundant resources as well as labour the correction will be properly realised. At the moment, the store of wealth angle is, in a way, a fiat take on things.
Discussion
Humans have always found ways to consume their labour in the future, it's not just a fiat construct.
From salting meat to storing harvested fruits, grains & honey in jars.
Money is an abstraction of value. An individual can trade a consumable good now for this abstracted value. There's an assumption (speculation) by the producer that this abstracted value will be accepted in the future.
Oil is priced in USD but oil is not fiat. Choosing to store oil for the future is not fiat, but it is speculating. Humans are always speculating. We're constantly assessing where we allocate our time, labour & resources for our greatest benefit. This has occurred long before fiat currencies were forced onto is.
Remember that the defining feature of fiat is that it is imposed by decree. While powerful people can force us to use their tokens in certain situations (ie to pay tribute/taxes), they can't force us to value it as individuals.
Indeed. My take was merely a snapshot of how “store of value” is currently being interpreted through fiat currency eyes today and ignores the natural tendency for humans and for that matter animals to store for the future. And I totally agree. My love for Bitcoin is entirely based on its purpose as a medium of two-way cyclical exchange beit for those stores or labour or produce etc, independently from those ruling by decree via their baseless tokens.