Bitcoin was not designed to be a hedge against inflation, but the concept has gradually evolved due to its limited supply. When we compare available currencies, we only have fiat and Bitcoin. And, because fiat is unlimited and rapidly losing purchasing power, it is natural for people to seek refuge in Bitcoin and feel confident that their Bitcoin money will not lose purchasing power over time because no one can add more supply of it.
Bitcoin's purchasing power will not be lost and can still be relied on as a very valuable asset at this time. But if someone buys Bitcoin to protect the value of his assets, I think it still has a risk because Bitcoin is not a stable currency in the market so someone is still better to choose stablecoins if he just wants to protect the value of the asset that is fixed and will not experience loss.