No it doesn’t make much of a sense if there is an excess printing of the fiat money then it could causes its devaluation which in return would at first causes many to move towards bitcoin for hedge against the devaluation. But as it continues it causes more money supply which results into inflation. Although bitcoin hedges also against inflation but and a prolonged inflation will cause high of goods and services which could result into low demand of bitcoin. Also many could turn to there holdings for emergency.