It would be good to see bitcoin more as a speculative asset, but it's high volatility which could either be bear or bull market does not mean it is actually not an hedge against inflation but in long term, in short term, it may not be considered. In long term, bitcoin is because after many prices uptrends and downtrends, the net result is uptrend and all-time-high. That is why long term bitcoin investors are making g profit as they see their asset (bitcoin) appreciating in value in long term.