I think this holds true in a world where money is the only commodity/ asset available to own and that commodity is concentrated in the hands of a few.

However, in reality, wealthier people have the ability to protect their wealth against inflation because they can shift cash reserves into stocks, real estate, and other scarce assets. Transferring wealth to these assets can require exclusive access to buy stocks ( qualify and opening a brokerage acct) or large capital entry points such as a down payment for real estate. So the 70ish% of americans ( as an example) who own no assets and just hold cash savings get the most rekd as they cannot transfer out in order to protect what little savings they have. The result is that the wealthy or privileged persons able to shift wealth to property that is scarce will be the least affected by inflation

That is where bitcoin may break this cycle as the low barriers to purchase make it obtainable to almost anyone, anywhere, giving everyone access to scarce property that can protect wealth from currency inflation.