People then look for an alternative. One that offers more security in times of crisis. Bitcoin.
Not only is Bitcoin digital (and therefore compatible with the digital economy, which we all know to be "the future"), but it's also scarce and traded through a blockchain (which is free from the controls of the financial system that people currently distrust).
Yea but its no so simple. Money was printed, it pumped financial economy (stocks, crypto) and than spilled into real economy making inflation. So inflation pump on financial assets was already in. Next 2-3 years of high inflation may already be priced in. Fed is now fighting with inflation highering interest rates sucking money from ... financial economy first than from real economy. So we see dump 50% of everything before FED doings will affect real economy slowing down inflatoin and creating disinflation. Unless Plunge Protection Team (PPT) will react.
What will bitcoin do in such situation? We never have stagflation in history of bitcoin but i guess it act like sp500 on leverage.