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It is definitely a hedge against fiat currencies. People are losing faith in central banks self control to not run the money printers full speed.

Crypto is also way easier to transact compared to ACH and wire transfers. No need to interact with a bank whatsoever to move as much money you want to whoever you want.

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what evidence do you have to back this claim? how does crypto a wildly fluctuating asset offer a protection against the USD? Bitcoin can go swing anywhere from 40% range on any given week. How is this a stable hedge against currency or stocks for that matter? Gold has statistical evidence of holding its value and its frustrating to me to see half baked claims that crypto is hedge.

Clearly we have different definition of what hedge is.

The evidence is in the news everyday. Financial institutions, companies and individuals are all diversifying into crypto. It is a new asset class, and yes a volatile one.

but that isn't a hedge against currency like the parent comment says. buying a risky asset as part of your small portfolio isn't what I classify as hedging.

That doesn't say they're losing trust in central banks though, only that they see an asset to diversify to

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