No. Read what I wrote. Merchants, real merchants selling stuff, are reporting increasing sales when the value of bitcoins goes up. The theory that people dont buy because the price of money goes up is a myth.
OK, that could be TURE, I remember there is a theory saying that people will spend more when they FEEL they are getting richer (because of the rising value of their asset). And people will spend less when their asset is devaluating
And that could still be part of the picture, this only applies to those already have enough bitcoin, so that small amount of spending does not hurt their saving. It could indicate that there were many guys holding lots of bitcoins because of the hoarding during the early days, without hoarding happened at the first stage, this phenomenom might not be observed