I am not sure I completely agree with this:

"While it has been over five decades since the dollar was backed by gold, its value has not ever been determined by free market forces."

While the dollar is not backed by gold, gold is still priced in dollars. The market is in effect pricing dollars not pricing gold.

Not just gold but oil, silver, copper, coal, steel...just like inflation is measured by a basket of goods, the dollar could be measured by a basket of commodities. The dollar or any currency, the value is measured by what you can buy with it.

I think right now the weakest thing about Bitcoin or other crypto is their value is measured by how many dollars you can buy with them and they are more fiat than the dollar.

The dollar is backed by the full faith and credit of the United States of America (whatever that is worth). Bitcoin is just a digital promise backed by the hope that someone will be willing to trade you dollars for them when you want to spend them.

Until we are paid in Bitcoin and can pay our bills in Bitcoin, Bitcoin is a commodity not a currency.

TEK