I do not fully agree with your thesis. If it is true that Bitcoin is too volatile in the short term to be a refuge value. But neither is Gold, the traditional refuge value against inflation, protecting this time. Only real estate is giving some protection and it is a difficult market to evaluate.
I believe that shelter values should be evaluated more in the medium and long term.
The good thing about your thesis is that if Bitcoin is not a refuge value then it can be something much bigger.
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A 40 year high in the CPI and gold is $300 (roughly 15% off its high and at the same level it was in 2011.
So it seems gold failed the inflation test too. Perhaps the gold bugs are misleading about that too.
If gold was a hedge, the price should be over $3,000.
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