Assuming Bitcoin adoption keeps growing, this is the rational thing to do, whether we like it or not. At some point it will get very close to its total addressable market and it won't make sense not to spend it, but until then HODLING is the rational behavior. I don't think digital real estate is its ultimate fate, only up until it reaches a stable enough valuation in terms of other money substitutes or if we end up in a situation where the dollar dies in ways not many people are predicting. This doesn't seem necessarily like a bad thing to me, assuming things work out in the long term (and they might not, but that is another discussion entirely I believe, my post here simply wants to outline how HODLing is not some sort of final behavior for Bitcoin users - we could argue that Monero's tail emission is more suitable for money etc etc).

at the point it gets close to the total addressable market It makes more sense to develop an inflationary LX and spend that, rather than actually spend Bitcoin. you already see people making this argument (Bitcoin-backed loans etc) and developing the tech for this. It just recreates the same Fiat stupidity with different people on Bitcoin. but I don't know, life is complicated and I could be wrong.

I disagree with this; at least in our generation, Bitcoin is still inflationary. It's just that the HODL narrative, which is a psyop by the three-letter agencies, has taken hold.

the hard cap is obviously already priced in