It's true that the Overstock transaction itself doesn't create new demand. But it may bring new users who buy/hold BTC, if they see it as a useful store of val

It's true that the Overstock transaction itself doesn't create new demand. But it may bring new users who buy/hold BTC, if they see it as a useful store of value or just for convenience sake to make future purchases. Overstock's CEO said they may start holding it for longer if they can pay their vendors in BTC or have derivatives that allow them to hedge against decline in value. Also, because the exchanges charge a fee to convert to/from fiat (e.g. 1% in coinbase's case), that creates some incentive to stay as BTC.