I think we should spend (or better, spend and replace) to build the infrastructure/adoption for the future. When we are all rich we want to spend BTC directly and not change to fiat to buy stuff, right? But I can see why people don't want to spend their savings stack and that is fine and I don't assume they are spooks.

You may not want to spend at all because you have not much but a 10x from here will change your life in the future, so every sat is precious.

Or another reason would be, instead of spending/selling, you borrow against your BTC and spend stablecoin/fiat instead.