[vshastry]

no, because if persons with BTC hoard them as a value store rather than spending them as a currency, the merchant won't see (significant) spending from BTC holders.

[matthew-wegner]

Not all sellers pin their BTC values to USD. What if I were offering you a $400 video card for $300 of BTC? (This is especially true of Silk Road prices, by the way).

I have a suspicion that many people are spending their "hoarded" bitcoins, and also immediately moving to buy/mine more...

[Houshalter]

The only reason to hoard bitcoins is if you plan on spending them eventually. In the long run the same amount of bitcoins will get spent.

[mpyne]

Tell that to the merchant who needs to make payroll this month, not in the long run.