if people aren't spending bitcoins - that's what i see/read around here; everybody is waiting for the price to sky rocket - this means we are creating our own bubble and we will 'die' in it! We only buy bitcoins, so the price at this moment is above, super above of what a bitcoin really value.
Until the market starts to flow naturally - peoples actually using bitcoin in their purchases - we don't know the real price of it! actually, the current price is OVERRATED for sure, because people only BUYS it!!!!!
those that are not spending i believe are the minority, the other are whales that play with their enormous amount between themselves, to rise their balance even more
if you comparei this situation to the past, we are actually doing better, there are more merchants that accept bitcoin, thus making bitcoin spendable much easy, the price remain the same because of those big merchant that keep dumping everythign they earn