Technically true, but it's a little different since the supply of fiat can be *created arbitrarily.* When you can just will any number of monetary units into existence at any point in time, it makes sense to colloquially refer to it as "infinite". Because unlike algorithmic issuance, you never really know what the current supply is and there could always be more produced. So technically speaking that's right, fiat supply never equals "Infinity." But since an arbitrary number of units can be created at any point in time, it does make sense to refer to it with that term. The same is not true for chains with unbounded algorithmic supply increase.