But it encourages investing in assets like real estate, equities, and (ironically) Bitcoin instead of holding cash. Suppose USD appreciated over time and often "beat the market". Why would anyone invest in startups or existing companies instead?
The purposes of startups and existing companies who want to find investors are not necessarily the same purposes as of those who just want to put money aside for saving.
They surely may benefit from cheap inflated dollars.
But that does not mean savers benefit.
Like with software, one person's feature is another person's bug. Bitcoin users consider inflation as a bug, so that's why they use it.
But it encourages investing in assets like real estate, equities, and (ironically) Bitcoin instead of holding cash. Suppose USD appreciated over time and often "beat the market". Why would anyone invest in startups or existing companies instead?