When Fed prints more fiat, it is tanking the value of fiat. It is NOT increasing value of bitcoin.
For example if we assume bitcoin value stays stable (like when it reaches mass adoption) and you could buy a cup of coffee with 1000 satoshi and same cup with 1 USD, when they tank the fiat value with inflation you still buy the same cup of coffee with 1000 satoshi but you pay 2 USD for it now and obviously bitcoin "price" has gone up against USD in that scenario without gaining any "value".