Bitcoin was in some aspect created to act as a hedge against inflation.
Wrong.
Bitcoin was created as an alternative to the corrupt centralized financial system so that people have another choice for a currency.
More or less it's value was supposed to go up as FIAT value goes down.
That still holds true but in long term not short term and when market manipulation is at an all time high.
Many of us got Bitcoin years ago as for it to be something that would go up in value and give people better level of wealth, or at least at as a survival key.
Well as I've been saying for the past 8 years, bitcoin is not something you buy to make profit.
However it seems with FIAT going down, so is more of Bitcoin and other cryptos.
Other cryptos aka the altcoins have always been going down. For example ever since 2018 all altcoins without exception lost their value for example the biggest shitcoin of all times called ethereum has been sitting at half of its 2017 price against bitcoin. It was only bitcoin that not only went back up but surpassed its previous ATH.
Bitcoin was supposed to be here for our survival. Now it is becoming just a digital number on a computer screen that never had any value all along.
That's your view because you bought bitcoin to become rich. Otherwise bitcoin is exactly as it was back in 2009, a decentralized censorship resistant currency.