... velocity of money ...
What's interesting about money velocity is it's range. Average time bitcoin is held can vary from 10 minutes (confirmation time) to 20 years (retirement money), that is in million times. That is if bitcoin perception in user's mind changes from "hot potato" to "gold", it price will increase
million-fold.
Once you decide to hodl, you do not influence the price of bitcoins. The price is decided by those that trade on the exchanges.
Currently, those are speculative buyers, speculative sellers, buying to 'transact', selling to close the 'transact' loop, and daily $700,000 (or less) that miners have to sell to pay for running costs.
Third and fourth on that list should be equal. So, once the first and second items on that list become equal, (and there is no reason why speculative buying would have to be higher that speculative selling), the only way the price of bitcoin will go is down. Miners do have real bills to pay.
That is factually wrong. Stop reading Marxism...(labor theory of value is a fallacy, and was since 1872). Holders do affect price! Just imagine a scenario, where everyone who bought a bitcoin would hold. Price would skyrocket. The only way a new buyer could get bitcoin is to find the first holder who partakes his btc at a given highest bidding price (that is market essentially). Every holder is a potential seller, there is no economic theory to exclude holders from the "seller" position.
Also, not every miner has to sell to "pay the bills" (you assume miners has btc as the only and exclusive revenue.). I do not. I mine, i did not sell a fraction of my BTC so far. Just because i mine BTC does not mean that is the only revenue i have, so i balance my other revenue costs to me to pay electric bill vs future possible profit from mining bitcoin. And i am sure most of the great miners (great as hash/sec) does the same, they run on deficit for now(? we can not tell) to come up profit in the future, it is called investing ...
Mining cost has nothing to do with btc price. It is the other way around, if at all. If you exclude the failing cloud mining services, you will see that all the other miners are still mining (hash/sec ain't dropping significantly). From genesis block, btc had no price at all for months, even though mining still had costs.
Stop spreading Marxism please!