[datadata]

Inflation is a lagging indicator. Bitcoin gained in 2020 and early 2021 when debasement happened and the supply of money increased. That debasement takes time to show up in price data, and then even longer to show up in headline inflation, which is a 12 month average.

TIPS and i-bonds are limited in their role as a hedge. Sure, you are exactly compensated for inflation on the capital you invest. However, without the ability to have any leverage, you can't actually use this as a hedge against other capital which has exposure to inflation but which couldn't be converted.

[dragontamer]

It sounds like you're trying to tie BTC to the monetary supply. BTC goes up when M2 increases, and possibly goes down when M2 goes down?

So why is BTC going up when M2 is shrinking for the past 18+ months?

https://fred.stlouisfed.org/series/WM2NS

[datadata]

Not sure, it is just a correlation not an iron rule and definitely not the only influence. The shrinking here of m2 is much much smaller than the previous increase was as well.