I might add, most people who are big into crypto, know very little about fiat FX and international banking cartels' activities. When the Dollar gets bid up, everything else dumps, Bitcoin included. So when the Dollar is weak, as it was in 2020, BTC flew. a near 20x in under a year was insane, but look at how poorly the US Dollar was performing against everyone else, until that flipped, and now, the rest of the world's fiat currencies are all performing poorly against the Dollar (except the Ruble, of course).
BTC is definitely a risk asset, and has traded in line with the NASDAQ-100 and S&P500 pretty closely for over 2 years. The legalization of fiat-controlled CME Bitcoin Futures contracts was a nail in the coffin in the inflation hedge argument. IF Bitcoin's price is so heavily-determined by speculation in futures, there's no hope for a de-coupling any time soon. The same thing happened to Ethereum. Less than a week after those futures contracts were launched on the CME, the price in USD terms dumped hard from the peak.
BTC operates as a store-of-value when you exit the fiat system. To say it is a hedge while you're still holding the majority of your wealth in fiat or fiat-denominated assets is shortsighted. Until you fully exit, it isn't a hedge, because you're still completely exposed to the FX risk with the US Dollar.
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