its undeniable that demand for BTC bootstrapped the network. That demand was certainly largely hodlers. So there is an argument that "hodling is using bc it creates demand" unfortunately things aren't static. with every halving it becomes more and more important that MoE use increases. its hard to see how that would EVER happen if the dominant view is that the purchasing power of each sat will only increase. I'd suggest those conditions incentivize fiat loans and other services that enable hodlers to keep their capital but still reap the benefits of having it. it just a theory but are we also going to call taking out a USD loan against a utxo "using bitcoin?"