For sure. Also, the inherent unscalability of blockchain as a technology makes for a payment system far too slow for your typical payment scenarios, which makes transferring Bitcoin a pain in the ass, further incentivising hodling.

(Just to address some of the "akshully"s I'm probably going to get for the above, you can make blockchain fast if you centralize it like Solana does, but if you're going to centralize it, you're better off using Postgres than blockchain.)

I think largely the argument that convinces some people that cryptocurrency is worth "investing in" is that it's going to revolutionize the way we pay for things. In which case the fact that it doesn't work as a currency completely robs it of any legitimacy as a security.

If you want something that does have potential to improve the way we go about buying groceries, look into GNU Taler.