Well.... It's not so hard to tell why Bitcoin becomes interesting in a time of deflation; When volks see that in the future they can buy more products with their current amount of fiat, they will save it. Nothing more than intertemporal exchange.Investing it in BTC becomes more interesting.

The more interesting discussion can be about the question whether primary liquidity will be transformed in secondary liquidity, and the narrow money will decrease, since we see Bitcoin as a currency but a lot of institutions don't.