[daveungerer]

> he always has the option of sitting on the BTC for a year.

Eureka! That's also known as bitcoin hoarding. If the value (in dollar terms) of holding on to bitcoin is indeed greater than spending it, people and financial institutions will hold on to it and primarily keep transacting in dollars. Which leads to a nice logical contradiction, since how can a currency be worth anything if no-one wants to spend it?