Bitcoin has key features that protect it from inflation: it's not tied to any country's money, central banks don't create it, and there's a limited number of Bitcoins available. But, its price changes a lot... it's a risky asset. 
Your statement comes off as confusing.
You are suggesting that since the bitcoin price changes a lot it is risky or for some other reason bitcoin is risky?
Anyone who buys into bitcoin should adjust his level of exposure based on his perception of risk.. so an individual, institution and/or government could allocate 5% to 25% of his investment portfolio into bitcoin based on perception of risk the allocation should be adjusted.. and sure some might choose to go outside of that range.. and others become too scared to get involved when they probably would be better off to have a whimpy allocation rather than no allocation, but those are personal choices that could end up being costly choices if some folks/institutions choose to either not allocate or to delay their allocation..
My sense is that volatility in itself is not risk, even though it could be an element of risk, but if you consider that bitcoin has a key feature that protects it from risk, then you would be inclined to believe that bitcoin's price slope is generally upward, otherwise it would not fit with being a protector from inflation.
We likely realize that the supply curve of fiat currencies is up, yet the supply curve of bitcoin is flat, even though there is a set issuance of new bitcoin supply at an ongoingly diminishing rate for the next 115-ish years.