People hold it because historically it appreciated greatly, so they expect that to continue. But it can't appreciate the average of 300% YoY forever, sooner or

People hold it because historically it appreciated greatly, so they expect that to continue. But it can't appreciate the average of 300% YoY forever, sooner or later, it will hit diminishing returns at which point people will be more willing to spend it. It's essentially Gresham's law in action[1]. Also for those that want to spend it, there are lots of options now for crypto backed debit/credit cards. 1: https://en.wikipedia.org/wiki/Gresham%27s_law https://en.wikipedia.org/wiki/Gresham%27s_law