The relatively predictable deflation rate of Bitcoin is completely swamped by Bitcoin's extremely high exchange rate volatility versus other assets. Inflation for the dollar and other major currencies is not really a problem anymore because when money supply increases or money becomes less scarce that excess is now absorbed by speculative increases in asset prices rather than CPI inflation. Thus housing and stocks, and Bitcoin go up in value but by definition these prices don't matter for inflation. Bitcoin's run up in recent years is almost entirely due to easy money (low interest rates) not due to increased usage in commerce or intrinsic factors like Bitcoin's endogenous deflationary tendency. There is no reason, why in the face of a general financial crisis, where asset prices are generally falling, prices of houses and stocks, etc, are falling, that bitcoin would not also crash. Its current price is not supported by internal deflation or increased usage. Its current price is part of a broader asset price bubble that can and will pop someday, probably soon. There is no reason why sub $100 Bitcoin is not possible a year or two from now.

Bitcoin is not really like digital gold because gold has unique properties that can not be duplicated. Anybody can create a new cryptocurrency at any time. There is no scarcity of cryptocurrency as a whole.