Is Bitcoin Really an Inflation Hedge?

Theoretically, Bitcoin's fixed monetary supply makes it an inflation hedge. Unfortunately, markets don't give a shit about your theories. Price action is the final answer. Bitcoin's price action has failed to trend higher with oil and gold. Bitcoin has rallied during risk-on periods and fallen during risk-off periods. Bitcoin's price action proves that the majority of market participants are treating it as a high-risk speculation vehicle and NOT as a hedge.

Bottom line: The market is always right. If you make decisions based on theory or ideology and not price action, you will often find yourself on the wrong side of the market.