Unless there exists much more than is known, supply remains limited. There are technological uses for it. Hedge investment is certainly part of it. But hedging as an anchor or as an investment? Inflation didn't skyrocket until after divestment of gold for money and the migration to fiat. Simple fact is, fiat is a failure and everyone knows we're heading back to money (unless they can trick morons into supporting digital currencies they completely control and can track every purchase). Money which is tangibly backed. So no, I do not believe your analysis is entirely accurate.