As stagflation goes alongside high inflation and economic downturn, BTC can be seen as a hedge against inflation and simultaneously as a risky asset whose price could fall during an economic decline.
BTC may be seen through the same lens as gold, which traditionally functioned as a hedge against inflation. Indeed, BTC could naturally be an excellent hedge against inflation. First, BTC is a decentralized global means of payment beyond the control of central authorities. Governments have no control over it, making it almost immune to potential corruption and monetary policy.