Bitcoin is very sensitive and can have strong volatile due to fiscal policies or the financial markets as you said. However, those are just short-term volatile, but if we zoom out and look at the bigger picture in the long term. I think bitcoin is still a good inflation hedge.
Looking at the chart, we see that bitcoin's growth rate is impressive over the long term, and if we think it's not a good inflation hedge, that's not fair to bitcoin.
Objectively speaking, gold has a far longer history and has been through several economic cycles. At the current stage of Bitcoin’s growth, I wouldn’t consider it to have gone through more than one economic cycle.Looking at the chart, we see that bitcoin's growth rate is impressive over the long term, and if we think it's not a good inflation hedge, that's not fair to bitcoin.
If you’re actually looking at the long term, I would extend it to a few decades. Bitcoin is quite subjected to information gap, and that’s why you see the trend for Bitcoin to be increasing year on year. People find Bitcoin to potentially be a better currency and they decide to invest in it as time goes by.
Remember, economic cycles lasts quite a couple of years. It would only be fair after it has been through a few, and that adoption is stable.