When you measure a monetary system from another that is completely opposite: Bitcoin is deflationary, imaginary credit money is inflationary, your view is distorted. The more fiat debt is printed to act as real money (which it can’t), then it will be more fiat to exchange for each bitcoin.

If you measure everything from the bitcoin monetary system, Bitcoin value doesn’t go up. The number of bitcoin units to pay for things becomes less and less. It is infinitely divisible until humans no longer require the use of money.