Can't say Yes or No. Lots of people have made money on it, and lost on it. Any currency that can have a 27% valuation swing in a day I'm leery of. If you like risk,and can afford to speculate, then go for it.
But here's why I personally wouldn't, especially as it is skyrocketing up. Like Walter, I tend to favor hard assets or things that are backed by companies profitably making things. But that's just me.
Here is what would be the biggest deterrent to me: Mt. Gox: 850,000 Bit Coins valued @ $450,000,000 were just "Gone" (200,000 later "found") and the company filed bankruptcy.
As far as inflation goes, here's the US, Europe, Canada, and Japan, pretty much the countries that make up the world basket of currencies. China's inflation also shown - but as a currency it isn't allowed to truly float. I personally don't see anything listed below that would raise fear of inflation that would justify driving bit coins up almost 300% this year - I don't think inflation a major factor after reviewing the numbers below.
Curious what other people think is driving the hyper-rapid rise. I'm sure many more people are clued into it and follow it than I do. Because I sure the heck don't know - looks like rampant speculation to me.