I guess depending on how people define it, Bitcoin would originally be the hedge against the traditional banking and monetary policy just as Ethereum would be considered a hedge against Bitcoin. Other major blockchain platforms like the upcoming Polkadot and Cardano would be hedges against Ethereum and Bitcoin -had it not been for- (hope I'm articulating this right) the philosophical rift of their founding members seeking to improve on their network without causing hard forks which coincidentally happened, both times.