Cryptocurrencies sound interesting and may be used for hedging but not like Gold. Gold holds a very significant importance. Cryptocurrencies have been in the portfolios of investors these days.
The widespread use of Gold and Cryptocurrencies as a hedge instrument against deflation and inflation against flat currencies have given a boom to their behaviors as financial assets.
However, the recent times of crisis have made it very clear that any currency or financial asset should have enough liquidity to serve you well during a financial or economic shock. The longevity of the currency is also equally important.
However, longevity and liquidity are still uncertain as long as cryptocurrencies are concerned. They may behave as a financial asset and move up or down with the market but without these two factors, it will be interesting from speculative point of view or portfolio allocation point of view.