Higher number of banknotes being printed obviously means lower purchasing power for that particular currency. It will result in higher inflation rate, and commodities and assets with limited supply will witness their prices increasing. For example, the crude oil prices have increased by almost 80% since the beginning of this year. Natural gas prices have gone up by 4 times. Even gold prices are showing an increasing trend. And I believe this was one of the reasons why BTC made such a rapid recovery.