Just holding for the sake of holding creates negative adoption rates, since prices basically track adoption. If no one is using there can be no longterm store of value. Investors would stop hoarding it all together without functional utility as cash. Gold has industrial use cases, which made it both a good currency & SOV. Also, Gold has utility in industry (around $300-$400 per oz.) + trades at monetary premium to its industrial utility. W/o payments Bitcoin has no value, since that is its industrial utility (fundamental non-speculative value).