Thank you! JFC.

Although I want to point out that that's not strictly accurate either, because most exchange order books currency pairs are direct and not through fiat.

But the rub is that because 
a million degens are watching those pairs travel precisely in tandem with the fluctuations of fiat price of each asset.

Because if they don't, it's trivial to jump into one asset and flip into the other and sell. POOF FREE FIAT.

So because of this pressure, all commodity pairs fluctuate tracking with the USD equivalent price of each. They are de facto USD denominated.

Because that's the unit of account that everybody is trying to get. 

this is one of the main reasons why we need a Bitcoin unit of account.