It is the question since I first heard about bitcoin, ethereum and then many others. Most tokens or crypto currencies, usually offer a utility on their respective platforms. Bitcoin is to distrupt traditional payment networks. But if everbody holds bitcoin for speculative reasons and never makes transactions with it, then how can it become a payment network? In that case, how can we suggest that bitcoin has an intrinsic value at all? Same holds for ethereum and many ethereum based utility tokens. For example, insurex claims to decentralize insurance industry and people hold their token in hope for the network will indeed grow. But then if they dont use the tokens for insurance transactions how could it happen? Finally, if everybody holds ETH for speculative reasons and not develop decentralized platforms, how could it become of the new internet?
The evidence suggests that there indeed quite a number of Bitcoin transaction, both people buying and selling. We can only speculate what they are buying and selling but there is a significant number of transactions.
bitinfocharts.com can show us the graphs for the number of transactions per day and the median value of those BTC transactions here - approximately 230,000 transactions yesterday with a median value of US$1,001 - that is a lot of money moving hands.
It is true that there are some who hoard, but not all.
When someone hoard, they will not hoard forever. There will be a time to come when people will take profit, in which the market readjust itself.
So long there is demand for bitcoin the market is upward; or otherwise.
This is why there are so many coins out there https://www.coingecko.com/en/ the market demand is there to speculate future growth. And there are huge number of people holding coins keeping the energy to the price we know now
$10,000 per bitcoin that is still wild https://www.coingecko.com/en/price_charts/bitcoin/usd