You could be right. But another aspect to consider is that the Fed will not be able to get a handle on inflation because the debt is too high to allow the higher interest rates needed to combat inflation. Meaning at some point the Fed will capitulate (aka pivot), break something in the economy, and switch back to aggressive QE.

All that new money sloshing around in an inflationary environment will be fleeing for inflation hedges, or as many like to call it: searching for the exits. There is still a chance that bitcoin becomes an exit ramp, along with assets and precious metals and who knows what else.

You aren't wrong in that bitcoin is too new and has existed in an easy money near zero interest rate period, but don't forget that's what it was created to combat too. You might be surprised how this shakes down over the next year(ish) :)