news reports that capped supply of bitcoin is a hoax.
Lol! What news reports say that? Stop reading them with immediate effect as they are lying without knowing the truth. The fixed supply is one of the main characteristics of bitcoin that makes it valuable.
Tremendous amounts of new money should be detrimental to bitcoin.
How come? If the money supply increases, the purchasing power of that money will decrease. That will be definitely beneficial for currencies like bitcoin.