[PragmaticPulp]

Bitcoin holders don’t want Bitcoin to be useful for spending or transacting, or even selling. Previous attempts to increase the block size, a trivial modification, have failed to gain traction.

They only want Bitcoin useful for two things: Buying and holding. These actions drive the price up. As long as no one is using or selling Bitcoin, the price stays high.

Between the high transaction fees ($8 right now), the deflationary nature, and the “HODL” narrative, everything about Bitcoin was designed to disincentivize actually using it. It’s designed for hoarding and speculating.