Sure, your assumption that velocity will be low seems reasonable. But I doubt that whales will just hold onto their BTC through all time. I instead assume that at different increasing valuations, most large holders will eventually become sellers of at least a part of their stash. Because the value is at some point so high (measured in touchable goods), that possession of some of the touchable goods is more valuable than keeping _all_ BTC. And because Bitcoin (thankfully) doesn't earn interest, anyone that wants to benefit from the increased value by having some touchable goods _must_ spend. Sure, we can assume, most whales/rich folks usually have other sources of capital/income to spend on buying stuff, but if they never sell BTC, they never actually benefit from its increased value, right? And as to the scheme of dumping and crashing the price and buying back at a lower price, is there evidence of that actually working? I mean, as long as there are many stubborn DCA'ers out there who just don't stop buying, they should set a pretty solid price floor and they also stack more when the price drops and they DCA for constant amount of fiat/time.