Bitcoin is a derivative of the US dollar and various other fiats and is in no way free floating whatsoever, nor the unit of account of anything.  If the market imploded in deflation, Bitcoin would go straight off a cliff with all the other high risk, gambling pump and dump scams like WeWork.  So Bitcoin is garbage for deflation.  

For inflation?  If there was a Venezeulan-style melt up, people then lose faith in the current unit of account (Jewish Federal Reserve note), and all pile into the base of Exter's Pyramid to try and retain value (physical gold and silver). Bitcoin is located nowhere near the base of Exter's Pyramid so in a rush to the exits will not be the benefactor of becoming the new unit of account.  Technically gold and silver never even stopped being the unit of account, even Max Keiser the worst Bitcoin shill on earth admits it.  You just live in a system where everyone who received paper promises got scammed, but the world never even went off metals.