Technical, Yes. But, it depends on the currency. The Turkish Lira for example has been heavily devalued over the years and was hard hit by the pandemic effect, this lead to huge increase in the value of Bitcoin when priced against it, this is however an isolated incident and does not have much global ripple effect, so we can not say the price of Bitcoin rose. When it happens in sync across various top fiats it would have a global effect, and the global value of Bitcoin would rise due to inflation.