In theory, Bitcoin is a hedge against inflation because of the deflationary property. In fact, any assets that can outpace inflation would be a hedge against inflation; ie. Stocks, Precious Metals, etc. This would be assuming that the demand of the asset remains consistent.

In the past, Bitcoin has gotten quite a push for mainstream and institutional adoption. These are key factors pushing Bitcoin value and I wouldn’t use them as evidence for now. We should observe a longer timeframe before we can make a good evalution.