Back in 4 years ago, yes it was an investment but in my opinion now, it is more like a store value .
It has changed and more likely the upcoming years, we're going to treat our bitcoins as a store of value. Whether it is an investment or store of value, it portrays both of it and any other type of asset that you want to categorize it.
There are now a small room to increase. Not a x100 anymore. More so like x4 - x9 ish. It is still better option to hold against inflation and diminishing purchasing power.
Yes, with the pandemic, many countries have added more percentage to their yearly inflation due to most of them got a bad economy because of the outbreak. And those investors that are silently looking for a way to avoid that inflation or hedge against it, bitcoin is the best option.