Agreed.
The big idea here is that we have two separate economies: the financial economy and the you-and-me economy.
Post GFC, the federal reserve balance sheet went from $800B to $4T, but CPI barely budged. But something did go up in price: financial assets. Why? They printed money into their financial economy, and the pipes between that economy and our economy are small (for example, people drawing down their 401k accounts).
Post pandemic they sent money to both economies. Both assets and CPI went up.
But these new bitcoin pipes are gonna move money from finance to real economy and on average from older to younger.
Since the financial economy is built on leverage, collateral will leave financial economy and necessarily deflate or require bailouts.
In short, this is a tug of war…with the Fed getting to create rope for banks and treasury getting to make rope for the people. The fight is rich to poor but also money printer vs. Money printer.