~ The USD has been devalued by 20% since Bitcoin was launched.
But we can also say that BTC has been devalued by 50% since December 2017. This fact keeps many investors out of Bitcoin, and they will hardly jump in until this is no longer the case.
That printed money is being spread all throughout the global economy. It's impossible to know exactly how much would trickle into the BTC markets, but I think we can assume it's a non-zero amount.
Again, unless the purchasing power of USD drops by 50%, the effect can be zero.
However, I personally think that we will be over $19k soon, and then it will be a whole different picture.