As that would have shat on the dollar and, conversely, buffed Bitcoin's value as a safe haven asset? They also admitting they got it wrong now or saying this is just the weak hands?
This is basically still an untested theory. In the last 16 years there wasn't any major global financial crisis. There were some shocks, like the first months of Covid-19, and it's clear that Bitcoin reacts negatively towards anything that is negative for the economy, but we still couldn't test Bitcoin's reaction to prolonged (2-3 years) shrinkage of global economy or at least the US economy.
And let's imagine that US dollar crashes and after the initial shock Americans start buying Bitcoin to preserve their wealth, thus tanking US dollar even further. If at that point the government would want to save the US dollar, banning Bitcoin would be a logical thing to do, and that would be another major test for Bitcoin. Because for the last 16 years it enjoyed the benefits of being connected to the fiat system and having billions of dollars in liquidity.
Aye, I've long said that Bitcoin for the next few cycles increasingly affected by the markets in correlation is the rational thing. That's the the price of mainstreaming. Jack and Jill buying Bitcoin only happens when times are good for them. I only need to look at my DCA -- it's the first "expense" to be foregone in financial distress. It's also the first liquidation for me in both times I've required urgent injections.
I actually thought (mistakenly) that post-Covid would be that long-term great depression, and was curious to see how Bitcoin would perform but for some reason there hasn't been a spectacular collapse yet of any major economy.