Yeah to be added that capital gain taxes on bitcoin play a role here
The fact u are theoretically taxed when u spend it is what makes “new gresham law” ; original gresham law is due to authoritarian rate imposed on different money not reflecting what people think it should be
There is not that in bitcoin now. But the fact that bitcoiners obviously think (by nature) it should be worth much more AND that spending it is taxable makes for new gresham law. Same effect