The main argument I hear is that fiat stimulates innovation, because businesses can borrow it cheaply, and on a Bitcoin standard they wouldn't be able to borrow. They say businesses need to be able to borrow money cheaply and fail. I don't quite see why for there to be innovation, entrepreneurs who call themselves innovative need the right to 'steal' from other parts of the economy. It's effectively a call to subsidize some things at the cost of others.

Fiat defenders also bring up historical correlation between increases in gold supply and periods of economic growth. I don't know how to respond to that.