People expect that Bitcoin will be used as a hedge, but they forget that Bitcoin is highly volatile and immature, so those who want to preserve their money are more likely to use safer options like gold or foreign currency.
Turkish Lira at the moment, appears to be more volatile than Bitcoin, which is ridiculous. But agreed, gold and foreign currencies are better ways to store wealth.
Different people have different needs, and all wealth-storing methods have their pros and cons.
If we compare the long term value, gold and foreign currencies are likely to be stable or change their price by only a few percents in a year. Bitcoin can and most likely will go up and down by a lot, so it's more of an investment than store of value. Some people simply can't afford to risk or wait for a bear market to pass.
However, Bitcoin can be more secure to store if done properly, because the government can seize your gold/cash/bank account easily.