That doesn’t address the low velocity due to the value of Bitcoin increasing.

If you have something someone wants for 10,000 sats, but it will only cost 7,500 sats in the future, that someone will wait. This behavior can be seen anytime deflation has occurred in a currency.

Bitcoin has deflation built into the design making it particularly vulnerable to deflation. Bitcoin is an excellent commodity like gold, but its ability to function as a currency is still in question particularly because of its velocity.

Though bitcoin could theoretically be high velocity people tend to hold bitcoin vs spending bitcoin, because it will be worth more in the future.

To be clear deflation is when something increases in value over time. Example of this are stocks, bonds, art, Bitcoin, etc.

P.S. I do use sats and own a small amount of bitcoin, so I am not questioning its functionality or value, but its velocity.