You're right. I meant pegging. Or being backed by Bitcoin and/or something more persuasive, like nuclear weapons and an empire-sized modern military that can enforce currency mandates. In that case, it's going up or down would depend upon the overall dollar supply.

Theoretically, they could redefine the dollar emission strategy, so that the supply steadily shrinks; i.e. permanent deflation. Then Bitcoin and the dollar might deflate in tandem and have a stable conversion rate.

I'm positing, however, that Bitcoin will continue to go up against the dollar forever. That isn't actually guaranteed because there are too many variables impacting the calculation. It is simply that one is designed to go up and the other to go down, but design and actuality don't always meet. And humans can't actually judge "forever", as we are finite. We can only judge if it went up or down _within some particular time frame_.

So far, it's been down for months or years, and then vice versa, tendency up. I expect that to continue, but I am always ready for surprises.