the OP chose a $1 btc on specific date of 2011 to try to set a bad premiss.. .. because in 2011 the price of bitcoin ranged from $0.30-$30
meaning he could have chose any other random date of 2011 and it would have produced different results

EG if he picked the $0.30 price date the 'inflation correction" would show a different amount to his inflation adjusted position of $12k calculation

...
if you want to talk about inflation/deflation... use the CPI(consumer price index) as a measure. or more simply "the bread loaf purchase"

if in 2011 1btc was 1 loaf of bread and $1fiat  was one loaf of bread
in 2023 1btc is 10,000 loaves of bread and $1 is 0.4 of a loaf of bread

yep you could buy bread for $1 now, becasue now it averages $2.50
yet with bitcoin you can buy 10,000 loaves of bread for 1btc

bitcoin does not follow or react to fiat inflation.. bitcoin has its own market where deflation occurs. not inflation.

the mechanisms of fiat is that it buys you less produce. due to how the fiat market works
the mechanisms of bitcoin is that it buys you more produce. due to how the bitcoin market works