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.
What about gold? For hundreds of years, gold has been considered the best hedge against inflation and I don't think any asset can surpass gold as a hedge against inflation, including bitcoin.
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.
Are we really considering bitcoin as an inflation hedge or just a form of speculation? What I see is people just seeing it as pure speculation instead of seeing it as an inflation hedge. Not to mention, as I said, it's not a good inflation hedge at this point. Is there any asset that is called an inflation hedge but loses 70% of its value when inflation hits the economy? As long as bitcoin's volatility remains, it will never become the inflation hedge or safe haven we expect it to be.