Bitcoin alongside other cryptocurrencies has aided the economic development of many countries. Bitcoin is typically used for online transaction and businesses in third world countries despite widespread poverty, this is because people can easily connect to the internet and participate in the crypto economy in many developing countries such as India and continent like Africa have high cryptocurrency adaptation rate. After purchasing bitcoin through platforms accessible to their countries, bitcoin holders in third world countries can trade Bitcoin for profits or hold onto their tokens as an investment. Inflation which is characterised by devaluation of currency alongside increasing price of goods and services, this has made people to turn to cryptocurrency like bitcoin an asset that maintain its value over time to hedge against inflation.
Bitcoin might be a long term hedge against inflation, but in the short term, Bitcoin definitely isn't a hedge against inflation.
Last year, the inflation levels were very high, but the Bitcoin price dropped down to 15K USD in October 2022.
Bitcoin(and altcoins) received widespread adoption in the underdeveloped countries because of two main factors:
1.Weak national currencies of those countries.
2.High amount of unbanked people, who are excluded from the traditional banking system due to various reasons.