i think inflation also affects the performance of the crypto currencies. To avoid confusion, There is no monetary deflation in the sense of money supply contraction. This should be taken into account when investing in bitcoin that every year inflation will take a certain percentage and should be included in we calculations
maybe we can disagree about inflation that is directly related to the crypto currency, in fact I feel that crypto is very independent of the development of fiat currencies. crypto stands alone and experiences different things if you want to also invest.