Bitcoin is a lot of things right now. It’s a doomsday currency, it’s an inflation hedge, it’s a speculative asset, it’s central banking hedge, it’s a technology play, plus hundred more things. All of things are components of its price and value. People buy, sell and hold for different reasons. You can’t look at it and say “why is it dropping due to inflation, it’s a hedge against inflation.” Also you can’t say it’s a hedge against central banks, because monetary policy and central banks is in probably one of the worst spots it’s been in a while. Yet BTC isn’t at an all time high.

BTC is wearing many hats right now don’t let anyone tell you it’s not any one of a number of different things.