> If you live in a situation where the only local fiat currency is even worse
Then you start buying and transacting with good old Yankee dollars, as the good people in places like Zimbabwe and Argentina and Cuba and other such places have done, because this is the low volatility option and dollars are widely accepted. You don't buy the cryptocurrencies, as they are subject to wild price swings and only marginally accepted.
If you can't buy dollars, something like gold is a much better hedge than bitcoin.
Gold would specifically not be a good choice in that situation, because you have to pay a custodian to deal with the gold and store it for you. That means either transacting in the original risky fiat currency any time you convert between the currency and gold (such as to buy things), or else transacting in the original risky fiat currency to get a foreign exchange to another currency and then transacting with a custodian - which defeats the whole purpose of converting the asset away from the original fiat currency that exposes untenable risk.
Then you start buying and transacting with good old Yankee dollars, as the good people in places like Zimbabwe and Argentina and Cuba and other such places have done, because this is the low volatility option and dollars are widely accepted. You don't buy the cryptocurrencies, as they are subject to wild price swings and only marginally accepted.
If you can't buy dollars, something like gold is a much better hedge than bitcoin.