Bitcoin is a fiat currency, it just isn't a government issued fiat currency, that characteristic of a fiat currency is
not that it is unlimited in supply, but that it is decreed to be a currency by fiat, or "authoritative sanction".

1. Scarcity (Fixed Supply)
- Bitcoin has a hard cap of 21 million coins.
There are infinite numbers of clones that can be created, be they exact replicas, slight variations, or other
cryptocurrencies.

- Like gold, it’s scarce by design, and can’t be inflated by governments or central banks.

Gold is not scarce by design, unless that designer is God,
it is scarce because it's a material good, and like all material goods it exists in a limited amount. 
Gold would be better if it was less scarce, it's not a good property of Gold that it is so scarce,
it just makes it so that it is relatively more economized compared to similar metals. The same cannot be said about bitcoin (or any other fiat currency), since they have no other use besides being currency, they cannot be enjoyed by
themselves or as subproducts of them, or to be put into useful and productive uses. In this respect even paper money is more valueble than any amount of bitcoin, because at least it can be held, or put up on a wall, made into some kind of art, or drawn on.


- Trustless Ledger
This argument somehow implies that banks ledgers can't be trusted. But that has never been real issue unless it's some really dodgy bank which people wouldn't trust in the first place. Especially nowadays every transaction in banks ledgers is registered and few people doubt them, there are no issues on the bank ledgers themselves. The issue is that
the state legalizes a form of fraud called fractional reserve banking. This is legal issue, not a banking bookeeping issue, and therefore a "trustless" ledger does not solve it. Banks could just as easily keep bitcoin and do fractional reserve banking over crypto, and in fact do, as was seen on the fraudulent cases that led to the closure of crypto pseudo-banks, the diference here, was that since crypto wasn't regulated, it's fraudulent use of fractional reserve banking wasn't protected by the state. Which goes to show what state regulation actually amounts too.
  Some people argue that the ledger itself is what gives bitcoin it's value. But what's it keeping track of, if 1 bitcoin is a unit, what is a unit of? Me and my friend could keep a ledger between us that we owe each FriendShipBucks, what are FriendShipBucks? Well nothing, but I give my friend 30 of them, and he gives me 100 of them, they don't represent anything, so they're worthless. A proper ledger has unit representing a material good, pounds of silver, grams of gold, kilos of wheat, etc. Again, we can make infinite numbers of these ledgers, and ledger transactions.


2. Decentralization and Censorship Resistance
- Bitcoin operates without a central authority.
  So does gold, and to a large