A lot of stuff. You ever heard of large holders buying real estate when their wealth increases.... Yea that's one example. It's kind of the point. Use savings to quite a more secure future. Some rebalances are better than others but value is subjective and everyone has their reasons. Lambo for instance would be a bad low time preference trade but more often than not, hodlra display lower time preference in their decisions. If they don't well... Bitcoin makes its way to people that would more likely display a low time preference. The incentives work.
Discussion
If you're buying something to utilize, you'll depreciate that asset. It's not an investment that's a purchase. A sale of your currency, bitcoin. An investment is with the opposite intent. Two distinct economic implications.
Buying a home that you will utilize one, will not depreciate (although it's very leaky, there is property tax and maintenance cost) and two is an investment in your future. Investment is about getting more money. It's about a future return on that investment. Most of the time that means more money, but not always. Some things return your time for instance. Like a riding mower.... It will depreciate, sure but it is an investment. It will save you more in time than it cost you in past monetary units.