Crypto should be in the green on the back of high CPI figures. Still only a speculative asset?

Crypto has to succeed as an inflation hedge or else it can only be a speculative asset. These CPI figures should be bullish for bitcoin and co to pump but yet they get fearful. Money is leaving crypto because the sentiment has shifted and the markets are not confident in the spaces deflationary attributes. Do you subscribe to this?

I’m a perma bull on crypto. I invest small amounts and diversify so I don’t have much to lose. And no doubt this crypto winter will test many and will be a great buying opportunity for future bull markets.

But the question remains. Has crypto become an inflation hedge or is it still only a speculative asset?