We examine the association of Bitcoin and other cryptocurrency returns with changes in inflation expectations forming a comparison with gold a traditional inflation hedge. After controlling for uncertainty in economic policy cryptocurrencies and financial markets we show that cryptocurrency returns are positively related to changes in US inflation expectations under a limited set of circumstances. However unlike with gold the identified relationship is only significant for short-term inflation expectations and when inflation or market-implied inflation expectations are below 2%. Moreover cryptocurrency returns tend to be lower on days with monthly CPI announcements and respond negatively to CPI surprises. Our results suggest that cryptocurrencies do not currently offer investors a viable alternative to gold in hedging inflation.