Something that might move hundreds of percentage points in either direction in a given year seems like a poor hedge against inflation to me.
But on a more serious note, this bet is based on the idea that if/as USD hegemony collapses (in ~decade time scale), inflation will accelerate and there is an increased chance that Bitcoin becomes world reserve currency. I believe Bitcoin volatility will decrease as price grows (it already has to an extent), and once it has about one more ~10x increase (reaching roughly market cap of total earth gold supply) the bubble/bust pattern will break and it'll become more stable.
But who knows. I recommend keeping 1-5% of net asset value in cryptocurrency (BTC, ETH, maybe ADA if you like risk, roughly weighted by market cap and ignoring long tail of unproven coins), but it is certainly a very risky investment and securing them has unique technical challenges that make them less suitable for non-technicals.
The same argument would apply to a whole lot of companies in the "necessities" department. They provide every bit of inflation hedge value Gold provides, but also provide dividend and stock appreciation.
If you're going to try to argue that Bitcoin is a Ponzi scheme, at least put some effort into the argument. This is just lazy and simplistic.