Cash offers immediate liquidity for bills and taxes. Since not everyone accepts Bitcoin yet, fiat is still necessary.

Was everyone in the world already on a Bitcoin standard and I didn't notice?

Obviously not, but if you have a more detailed response as to what you find confusing with mine, maybe I can clarify for you.

The investors lending their cash are taking a substantial risk if they don’t understand bitcoin. If they do understand, why would they not just invest in bitcoin. If they have so much money it doesn’t matter to them much, again, why not invest in bitcoin. If they are worried about investing in bitcoin but still want a yield, why not invest in index fund or some other instrument yielding 10% ? I just think these questions would need to be answered if I were to put my trust in Strike and potentially risk my hard earned wealth.

They don't have to understand Bitcoin because the Bitcoin is just collateral. And they aren't taking any risk. The only risk is on the side of the borrower.

I agree you don’t have to understand bitcoin but they were given a business model that hinges on Bitcoin. I’m not sure how they are not taking a risk…especially if they don’t understand bitcoin.