Theoretically, given bitcoin's limited supply, it could be considered a good store of value as well as a hedge against inflation. But given its volatility, I don't think bitcoin is as good a hedge against inflation as we would hope.
Well, in current date and time Bitcoin is considered a very volatile asset but in future when its marketcap grows to very high values then at those times it won't be so much volatile and at that time it would be one of the best or the only best asset with deflationary nature. Even at current date and time it's still a much better hedge against inflation because of its limited supply and high demand and similar due to the ones who are Hodling it for long term.