It's obvious that they tried to hide and slow the incoming inflation which was inevitable with the stopless money printing which made the bubble even bigger (stocks to GDP ratio higher than ever).

But this time increasing the rates will not work - like back then raising 20% - and that is why they are thinking about 0.25% - 0.5% and even reaching 2% after 2 years.
And the main reason it wont work is because that the GDP decline will most probably continue (unlike back then) and the fears of hyperinflation become bigger than ever.

If we add to that the old financial crisis that was not resolved - and it is going to resurface as a even bigger "perfect storm" in the balance sheets of banking sector.

I agree with you that what happened in the past can happen in the future.
Which makes sure that will make investors move to hedge inflation.
But the portait seems much different than back then, us is more like a falling empire unlike a rising one back then. Thus we expect the worse so we do not get surprised.

About crypto ? It can be inflation hedge in theory but we have to see if the correlation with Nasdaq continues and how it reacts to 10-year Treasury yield.
It's gonna be shaky for sure, let's hope shaky up.
For institutions we have seen that they dont hesitate to sell-off in order to patch some losses.
For crypto believers is just a discount market ahead and a good period for crypto farming!