No, it's not designed to hide volatility, it's designed to show a quick overview of the long term changes of Bitcoin. Logarithmic scales are incredibly useful when you have very fast rate of change. Look at a linear chart of Bitcoin over the same range, it's not very useful.

You can quickly see from this chart that Bitcoin is still on a massive tear, though the annotations are a bit cheeky.

The same size drop is always the same % drop, a linear graph would be dishonest

If someone misreads the chart as linear the current drop would be terrifying though, with no previous precedence.