The value the particular  XMR / CAD position I acquired 15 months ago is actually worth more in terms of XBT than the XBT I liquidated to obtain that position. The increase of the XMR in terms of XBT more than compensated for the decline of the CAD in terms of XBT. The hedge worked even though my timing was far from optimal.

I still believe that a mix of XMR and fiat has a higher upside and lower downside than a straight XBT position. Long term I remain very bearish on Bitcoin because I do not see a a long term resolution to the blocksize scaling question. In the short to medium term it is possible for Bitcoin to appreciate in value, but that does not change my long term bearish opinion of BItcoin, Monero of course has very significant downside risks but, unlike Bitcoin, Monero also very significant upside potential.