That could only work if people were hoarding money but is that what it is happening? No, those that need the money used all the money they were given immediately, but what about the rest?They are investing in whatever they can find and that includes bitcoin as well, as such that fiat is circulating and chasing products and services, so it is not really being hoarded so the price of everything is going up reducing the confidence in fiat currencies, so I do not see how covid is protecting fiat currencies at all.