Bitcoin is positively correlated with equities.
Bitcoin is something like enhanced technology stocks in terms of price moves.
But, yes, I think Bitcoin could be effective investments diversifier for a stocks + bonds + commodities portfolio.
Bitcoin and cryptocurrencies positive correlation with equities will help hedge the bond part of the portfolio.
Since Bitcoin and crypto are a new and erratic in terms of price moves asset class, its jump processes can also prove a very moderately effective hedge diversifies for the equities part of the portfolio.
All in all, Bitcoin and cryptocurrencies' price moves in the future will be a very interesting stochastic phenomenon to observe.
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