Almost none of the failure modes of bitcoin apply to monero because the code base and algorithms and development teams are about as close to non-overlapping as you can get.
Also, they are best suited to distinct markets, bitcoin to the transparent instant global liquidity market, and monero to the dark instant global liquidity market.
Monero is capable of fulfilling almost all use-cases for bitcoin qua currency. If bitcoin fails, I imagine most of that usage would move to monero, if monero were the clear runner-up at that time.
I don't see it as a very efficient hedge right now, because speculative activity will correlate highly, but it is definitely a diversification in the portfolio-effect sense, and in some scenarios it could become a nearly perfect hedge.
Thanks. I see monero the same way, and further it looks to me to be a front runner for several reasons in the space it is competing to inhabit. And the space is inevitably going to be filled. That pandora's box of dark money was knocked on by bitcoin and something will force it all the way open, and fairly soon.
It's kind of fun to see what the current frontrunners in market cap or hype have in common. GUIs for one. More flash and buzz. All while monero hides in the shadows saying "move along... nothing to see here...". It is poetic IMHO.