Maybe many under-informed retail investors are chasing 10x growth, sure, but it feels like the larger institutions mentioned here are doing it likely the same reason they invest in any other asset: diversification.
Funnily enough my brother showed me prices for magic cards he sold a few years back. They have surged in value in 2020. The asset price inflation isn’t limited to tech stocks.
The point is that "use BTC as a hedge against inflation" is obviously not a thing since people are chasing 10x growth.