Question.
Does bitcoin's status as an inflation protected asset conflict with it being an asset of speculation for hedge funds and investment banks?
I cannot see any conflict. That Bitcoin is an asset that is somehow protected from inflation doesn't mean its price has only one direction and that hedge fund managers or companies and investment banks couldn't speculate on it. In the first place, Bitcoin is volatile. Bitcoin's price fluctuates all the time. Although generally appreciating, Bitcoin's price is very unstable. It could fall or rise 20% any moment.
As to investment, still there's no conflict at all. On the contrary, having fixed supply means investors are more or less guaranteed that devaluation won't happen.