The Economic Majority theory says that the power to control the Bitcoin protocol is held by those who [own] bitcoins.
But the article then goes on to read:
The ability for a protocol change to be successfully implemented ultimately rests with those who accept bitcoins in exchange for value.
So that refers to investors and those who accept bitcoins for income or revenue but then aren't immediately spending or cashing out the coins they received.
But that power doesn't lie with those who already hold the coins but instead it lies with those who are willing to accept the newly issued coins under the revised protocol or coins with taint from coins issued under a revised protocol.
So, is the Economic Majority those that already hold bitcoins or is it instead just those who will hold the bitcoins generated following a change to the protocol? If so, how would that be best worded?