There's a narrative that BTC is a hedge against inflation, it's seems true but really depends on when you bought it. If you compare BTC against the US inflation rate YOY (57.41%), BTC is the clear loser (-43.83%) as of today Aug 29, 2022, in fact if you bought anytime after June 2019 you would've lost to inflation.

We're in an overtly inflationary environment, BTC's moment to shine as a hedge against inflation has been now and it hasn't been a good hedge, it's been the opposite. It hasn’t proved itself a good store of value beyond June 2019 compared to the dollar and it’s not a good medium for exchange which begs the question, what is the near term and long term use case for Bitcoin?

Factoring in the recent fed comments, the rising dollar, and it pretty much a done deal as far as rising interest rates until inflation hits the fed target, why would anyone convert USD to BTC before the fed is done hiking rates?