I’m not sure I understand your point, but let me give you what I understand.

Bitcoin is gaining value primarily through adoption, it is absorbing value from decaying assets such as fiat and more developed assets such as stocks and shares and commodities such as gold and silver.

This will eventually even out, my expectation is when it reaches 0.25 of global wealth. i.e. current global wealth is $454T.

21M BTC at $5M = approx $100T. This will happen, probably, in the next halving bull run.

Short term volatility, bull / bear markets are a result of new actors entering the market, existing actors changing their exposure and traders “intelligently gambling”. This short term volatility does create winners and losers, with HODLers representing the mean of this market.

As for stablecoins / fiat, this is the fastest decaying asset that Bitcoin (and to lesser extent gold) is replacing. In fact gold has been making enormous gains recently as it is favoured as a store of value by the established investment community.

As for burn and print mentality of stablecoins, perhaps you are referring to Tether, who I notice have just printed their own money to take a significant shareholding in Bitdeer by investing their own printed currency USDT. This is why Tether and to a lesser extent other stablecoins are also in the category of shitcoins, as they are like ERC-20 tokens, but staked to the Federal Reserves money printer, but perhaps not, perhaps they just print as much as they want.