A name is a imaginary representation, this is different from a factual claim about reality.
Once you think about currencies this way, you realize that while crypto could be used as a currency, it isn't; its a speculative investment, like a digital beanie baby.
The bank and government claim that if I want my money they can give me my money in green physical paper bills because it exists in the bank.
Problem is that it's a lie. That's why bank runs are possible. And the current bank runs ends with another institution taking over and articulating the same lie.
It's similar to how banknotes originally were 1:1 correlated with physical gold (or whatever) in the vault, then banks realized they could lend out more notes than they have gold in the vault.
Very similar situation with electronic vs paper dollars.
Most bank deposits are created out of thin air by commercial banks when they make loans. There isn't enough paper money to cover all those deposits.
https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...
<https://fred.stlouisfed.org/series/DPSACBW027SBOG>
Total US currency in circulation is ... just over $2 trillion (December 2021):
<https://www.uscurrency.gov/life-cycle/data/circulation>
Bank deposits are not all financial wealth, though they're a substantial share of it. Even given that, the facts, from the US Federal Reserve (it runs both FRED and currency.gov), are that there is nearly ten times the amount of financial wealth in bank deposits as there are green pieces of paper representing that wealth.
Federal Reserve Notes are currency used for some forms of financial transactions. They are not equivalent to the total amount of financial wealth, most of which is noted in accounts of various types.
You might also want to familiarise yourself with the various measures of money supply (spoiler: it's not little green men, erm, pieces of paper):
