Your 4th premise is all you need. We are in a pandemic with supply and labor shortages. Even if demand dropped, prices would still be increasing. But demand did

Your 4th premise is all you need. We are in a pandemic with supply and labor shortages. Even if demand dropped, prices would still be increasing. But demand didn’t drop, increased. Why do you frame the fed printing money as reckless. If the fed had not intervened, we would likely have had a collapse of demand with scattered inflation, so stagflation or possibly a depression, both of which are harder to deal with than inflation. Bitcoin appreciation has nothing to do with any of this. It’s trajectory predates the pandemic and is part of a standard cycle for new technologies. Be careful that you are not assuming a conclusion and then shaping the premises to support and justify.