As we all know the BTC narrative is that it is protection against inflationary FIAT currencies worldwide. Granted since it's inception inflation has not been spiraling out of control but it sure is now!
Yes, Bitcoin was designed to resist inflation and also serve as a hedge fund but that doesn't mean it is the answer to every problem or a bulletproof currency because it was also designed to experience a dump in price since the market is highly volatile and it is like the say "every great opportunity comes with great risk"
It seems that these dumps arrived at the wrong time, as you can also know we experienced a huge bull run last year, after we breached the $20,000 from last 2017-2018 bull run, we went up to almost $60,000 and for me, what we experiencing right now is just a correction from last year.
I believe in Bitcoin for the long term, we are still early. A lot of people expected that Bitcoin will be good because of the current inflation rate, but for me, it will not take effect immediately.