The Musk effect: inflation spikes but Bitcoin tumbles

Bitcoin supporters say that it is a hedge against inflation, but on the day that news breaks about a surge in US inflation, the Bitcoin price tumbles. Is this solely down to the Elon Musk effect?

US inflation surged in April. Whether this is a sign of bad things to come or simply a temporary development is besides the point. Bitcoin supporters cite the behaviour of central banks as justification for buying into cryptocurrencies, whose supply is finite.