I am a long term holder and have been concerned about the dollar hedge ever since it became very apparent the US was headed for long-term decline with the resultant loss of its reserve currency status. I held nonetheless as a diversification move since the vast majority of my other investments were either directly overseas or in unhedged funds. While I still beileve in the long-term dollar decline, I hold TB just in case I am wrong about the dollar. They are as good a place as any for a solid dollar-denominated investment.
Peter