[seanhunter]

No. For one thing they affect different groups of people.

The normal economy will still experience inflation arising from money supply expansion without that effect being counterbalanced by crypto losses, because the people who experienced those losses may forgo luxury purchases in the real economy (Wen Lambo? Not for a while) but the inflation isn't in luxury goods for the most part it's in much more mainstream goods and services. I would expect that the effect will almost be like the interrelated currencies of two neighbouring countries - they do affect each other because people convert between the currencies a lot, but they are not exactly the same.