Yet the dollar is at record highs, and commodities are at record highs, and the stock market is at record highs, and real estate is at record highs, and Bitcoin is at record highs. So who is hedging what exactly?

Look at a chart of purchasing power adjusted USD over the past 100 years and tell me its at record highs.

All fiat currencies go to zero. BTC does the opposite using number go up technology.

> Yet the dollar is at record highs

The SingleFamilyHome/USD pair begs to differ

If commodities are at record highs, then the dollar is at record lows. Just because other currencies are inflating more, doesn’t mean the USD is getting stronger.

> Yet the dollar is at record highs, and commodities are at record highs, and the stock market is at record highs, and real estate is at record highs, and Bitcoin is at record highs.

I'm not even sure what this means and what you're trying to say.

One can compare two things, say bitcoin and dollar. Dollar is at record lows compared to bitcoin. It's at record lows also compared to the stock market, commodities, real estate, etc.

> the dollar is at record highs

Compared to what? Other government currencies?

Let's revisit this in 10 years.

If people don't care about the dollar, then why is "Bitcoin is over $100k" a headline?

You know why it is a headline?

Because the $ symbol in the headline is what people ACTUALLY care about. You don't even need to ask people: simply watch what people do, and you will learn what they care about.

And what they do is they buy nice things, like Lamborghinis, yachts, homes — and they do so using US dollars.

What about the gold? We use dollars to measure that too.