The last stimulus to be approved by Friday in the US is around 1.9 Trillion dollars, with checks (money for nothing, AKA "Helicopter money") of 1400 USD. It has been proven from previous stimulus that this money is not being massively spent but rather funnelled into the stock markets and other - Other including Bitcoin.
Why the long term demand and price of bitcoin does include many factors, the link with the overabundance of USD is clearly a factor. However, there is no inflation at the moment, due to the very slow speed of circulation of that money.
What will happen when inflation start to be noticed again (the FED is actually keen on having at least a 2% plus)? And what when the interest rates rise if it grows to fast? Will the bonds start taking inflows thus reducing other asset prices or will bitcoin demonstrate to be an edge agaist inflation like gold?