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That is irrelevant here. The argument that bitcoin is not inflationary is merely that it has a supply cap. USD has no supply cap but it obviously has lower price volatility. That said, it is the Fed's goal to purposefully reduce the purchasing power of USD by 2% every year, so the trajectory is clear.

[cmrdporcupine]

Your point about fiat currency is also irrelevant here. Bitcoin has been inflationary in the real world in actual practice. At least over the timescales we're talking about. While fiat currency has been inflationary, Bitcoin has been even more so.

And again back in reality, measures (interest rate increases) to counteract inflation in the fiat currency also make Bitcoin an unattractive "investment":

"The higher [interest] rates go, the more cost to hold an asset that does not produce anything." - Jamie Dimon, CEO JP Morgan

Bitcoin for a while was an unproductive but speculatively "profitable" (for non-greater fools) place to shove money when interest rates were low. Now that money is moving out.

[datadata]

You are conflating price volatility with inflation. Stocks are also down in price this year for the same reason. Stocks are not inflationary either.