True.
Bicarbonate, or HCO3–, is an amphoteric compound, meaning it can function both as an acid and a base depending on the surrounding environment. As a base, HCO3– can accept a proton (H+) to form carbonic acid (H2CO3). On the other hand, it can also act as an acid by donating a proton to form carbonate (CO32-). This dual ability makes bicarbonate an important buffer in biological systems, helping maintain pH balance in the body.