The Fed printing money has essentially no effect on the reduction of purchasing power. Bank reserves are not fiat currency. Bank deposits and cash are fiat currency. Bank deposit fiat currency has been a largely electronic decentralized ledger since the 1950s. Collateral is more important than bank reserves, collateral dealing is more important than all Fed activity combined. Bitcoin is better thought of as a form of disintermediated collateral than as a currency or digital cash.