[Jwarder]

> There is nothing in bitcoin's code that makes it deflationary.

Depends on how strict you want to be. The number of coins the system allows is fixed. But the number of usable coins will decrease as coins are trapped in lost wallets. Software bugs, hardware failures, deaths, and simple forgetfulness will always make some coins unusable.

On the other hand, while "Bitcoin" on its own is deflationary, the whole ecosystem is wildly inflationary. There are uncounted forks of Bitcoin and related systems filling every speculation niche people can imagine.