True, the thing that could keep this in check compared to the past though is the ease of assaying and proving availability of bitcoin reserves. Not at all as easy to do with gold or other backings.

The ability to print the global reserve currency currently derives from the US control over the MoE used for most global trade- SWIFT. China is already using alternative MoE for trade payments outside of any US controlled institutional oversight and control. It is the enabling of global trade that SWIFT once had hegemony over, but is losing, that gave the US the ability to print money at a rate roughly equal to growth in global GDP.

Historically and empirically monetary hegemony rests upon trade domination- and today China already enjoys that. The transition to Chinese monetary hegemony has begun and is unlikely to use Bitcoin for backing. Bitcoin based money might, at best, be a refuge for otherwise stranded capital still circulating outside the ever growing Chinese hegemony.