The outcome of today's currency race is uncertain. The credibility of the leading fiat currencies has suffered substantially. Their instability has fueled crises and weakened growth, so the demand for an alternative store of value is high.
The Fed says rate hikes are at least two years away. A lot can happen in two years, and since when is forecasting a couple rate bumps two years from now considered hawkish to the point of making the dollar pop and gold flop?
The creation and enforcement of fiat money enables larger and more centralized government. Large government programs become possible that were not possible or sustainable under a market-chosen, sound money standard.