Gold hedge Against Inflation?

Read this earlier and found it interesting.

"June 20th, 2011, bitcoin was trading at $17.36. A $1000 investment in bitcoin back then would now be worth $160,000.

That same $1000 invested in gold which was trading at $1,600/ounce in June of 2011 and is currently trading at $1,250 for a loss of 21%."

Not a very good testimony for buying gold as a hedge against inflation is it?