Because these forms of wealth are fungible: if I spend fiat, that just means I have less fiat in the future that could be put into Bitcoin. The only difference

Because these forms of wealth are fungible: if I spend fiat, that just means I have less fiat in the future that could be put into Bitcoin. The only difference is the conversion costs - depending on what exactly is the financial situation you might be saving a conversion cost by either spending fiat or spending BTC. Keep in mind, because Bitcoin is an appreciating asset, sane investors will often need to spend their BTC to re-balance their overall portfolios. If I had never sold my BTC, essentially all my wealth would be in BTC, which is reckless. Spending my BTC directly vs trading it for fiat and then spending the fiat at minimum reduces the number of conversions needed, is better for privacy, and can even be more convenient now that Lightning works pretty well. > Doesn't make sense, you'd just borrow against it and wait. I have zero interest in taking that kind of risk, and I'm certainly not alone.