I feel like the store of value>medium of exchange theory is accurate. People have to have it to spend it. And logically, if it's going to appreciate, it wouldn't make much sense to buy it, eating the spread or transaction fees, just to immediately spend it.

I feel like this whole narrative was spun up because, just like no coiners who dont understand btc's potential, bitcoiners today don't understand the natural progression that comes with the birth of a new kind of money. Literally none of us have experienced this sort of event before. Nobody knows how it's going to play out.