Indeed. We have been inadequately teaching economics.
Fiat money is mostly backed by a debt of the same amount. For every $ I have at the bank, somebody owes 1$ to the bank. So, my money at the bank is as "real" as the debt backing it. I trust that my bank will be able to recover the value of an unpaid debt, and this is the reason why our banking system mostly works.
By contrast, the value of 1 BTC is backed by nothing, because nobody "owes" me its value, and that's the reason its value may be $500 one day and $1000 another day. Calling this "money" is a joke.