I suppose you could spend and replace, but that is an ideological choice at this point. The economic incentive for many people is still store of value. At least from the perspective of those living in a country that's relatively free with access to financial systems. Basically, people are going to use Bitcoin in ways that best align with the context they live in. People who have no access to global financial systems or live under absolute tyranny will probably have different needs. He is probably right within the context of his own life. I think that's something people miss with this topic.