It’s not that Bitcoin is going up — it’s just that fiat is going down"

I often see people saying that “Bitcoin isn’t really going up — it’s just that fiat currency is losing value,” and that Bitcoin itself hasn’t changed. I think this claim is half true. But unlike gold, Bitcoin is still in its price discovery phase, so even if fiat doesn’t inflate, Bitcoin still has room to grow. That’s why I believe it’s also half wrong. For that claim to fully hold water, I feel like Bitcoin needs to grow at least to the point where it matches gold’s market cap. On the flip side, regarding gold, there was a comment recently by David Einhor