We have more bitcoin merchants than bitcoiners willing to spend their bitcoin
Discussion
I think it is also an issue of the reputation of those selling in bitcoin.
It is difficult for a bitcoiner to buy in bitcoin unless he is comfortable that he is not being scammed.
Good for competition and pressuring merchants to increase their quality of products and their service.
Will remain a problem for quite some time, bitcoiners spend differently
smaller blocks means fewer on-chain txns and thus peer to peer cash, at scale, fails.
They doubled down and created third parties, side chains and layer 2s, making bitcoin a form of digital gold and not digital cash.
Thus, hodl ideology exists and thus 'willingness to spend' is low, as much as one would want to sell their gold investment vs some other asset (more liquid or some other reason)