I see one problem in this argument. In a consumption based society where almost nobody knows how to survive on their own means, how do you want people to only hoard their bitcoin?

They don’t have the choice to spend some only to survive. Now they need entertainment. They don’t have the choice to spend again. This argument does not hold any ground what so ever in the current societal model.

If the price of production would fall as technology advances I would argue that people could afford saving more intelligently and therefore also spend more into consumable goods without the use of credit. The money can therefore be used to produce more goods more efficiently instead of greasing the pockets of bankers.