Yes, in the short term, neither gold nor even gold is a good hedge. Cash will always be superior in the short term unless we're in a hyperinflationary situation. However, on a long enough time scale, gold and bitcoin can function as great inflation hedges. I say this with a little bit of caution especially for bitcoin because it's only a few years old but we know for this short 12 year period that no one has lost money by holding bitcoin for more than 4 years.