Not directly anyways. The value of the US Dollar is (indirectly) tied to the price of gold despite being a fiat currency. (In some ways it's also the other way around, the price of gold is tied to the fiat value of the US Dollar.)
Actually, no it isn’t.
Not since ”The Nixon Shock”
in 1971, when Tricky Dicky arbitrarily junked the Bretton Woods System and took the U.S. Dollar off the Gold Standard and made a freely floating fiat currency (like what everyone else uses).
The value of the U.S. Dollar today is not in any way tied to the price of Gold.
The U.S. Dollar in November 2017, is purely a Medium of Exchange
that possesses only the value that President Donald J. Trump asserts that it has.
I can assure you SG that if the Trump Presidency continues on its current trajectory, the Foreign Exchange value of the U.S. Dollar will plummet, and the Commodity Index price of Gold (& Block-Chain Currencies, come to that) will sky-rocket.
If the value of the U.S. Dollar is in any way linked to the (International Commodity Exchange) value of Gold, how could that be?
What makes the BitCoin and other Block-Chain currencies so attractive, is that their Exchange Values are not subject to Political Influence through the Central Banks that issue existing fiat
A specific single human being sitting in a specific single oval-shaped office in North America can directly and immediately impact the Exchange Value of the U.S. Dollar, with a single tweet.
Same thing goes for the G.B. Pound, based on whatever inanity the temporary occupant of 10 Downing Street foolishly utters in Parliament; and same for the Euro, Renminbi, Ruble and Yen, with respect to the personalities currently heading the Governments in whose name those currencies are issued.
But not with Block-Chain currencies.
No single individual or nation is able to significantly influence the value of BitCoin in so short a space of time.
The value of BitCoin will always be volatile, but the volatility in BitCoin’s value will always reflect the prevailing dynamic in Global Society, rather than the political misfortunes of Governments in those Nations still running their own Central Banks.
Of course BitCoin is currently subject to a speculative Bubble, and “investors” who put their chips down for bets on such Bubbles can get lucky, or unlucky. “Investment” in BitCoin is just a question of gambling.
But the “variables” that influence the value of Block-Chain currencies are far more numerous and granular than those that influence the value of fiat currencies
BitCoin “Investment” is currently a Risky Bet.
But not that much more risky than betting on Trump’s Dollar currently is; and probably safer than betting on May’s Pound right now…