You're missing the point. Everyone just holds the currency because they treat it as an investment. In other words, they are speculating. People invested, in

You're missing the point. Everyone just holds the currency because they treat it as an investment. In other words, they are speculating. People invested, in both the financial and emotional sense, tell others to hold because that drives the price up more. The subculture's vernacular even includes "HODL", a joking way to tell someone to keep doing their part to drive prices up. It's painfully obvious what people are doing.