Hmm, I see what you are saying. As a counter though, my views of the spending/hodl phenomenon are a little different. I think the majority of people are not spending their crypto simply because the tech has not yet matured and quite simply it is not easy to spend for the vast majority of goods people buy (grocery stores, gas stations, online shopping, and on and on). I think of the hodl mentality mostly as a speculative phenomenon where people believe the tech is so nascent and hasn't come close to realizing its real market value as of yet. So, instead of taking the risk of actively trading the ups and the downs, people choose to hodl believing that, in the long run, price appreciation will happen due to a number of factors including new market entrants, tech advancing, institutional money entering market, etc. However, it plays out, certainly is fascinating to watch...such a dynamic situation!