It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.
Apparently, the HODL mentality kills the currency aspect of Bitcoin.
You are right holding is the reason for the bitcoin can't be used as a currency but it is the thing which increases the demand for it so more and more people want to buy bitcoin,but still we can't spend bitcoin directly we need to convert them into fiat if we need to buy anything with that so it takes time to use crypto as direct form until that holding the bitcoin can help the holders to earn some money. Apparently, the HODL mentality kills the currency aspect of Bitcoin.
