Price won't give a fuck on whether it can be used everyday to buy stuff. Its purpose it for wealthy billionaires to keep part of their wealth inaccessible through offline wallets.
Yes and no. There are and always be both sides of the (Bit)coin: coin for use and "digital gold". Without it's every day use people will get to the point they can't redeem their "digital gold".
Also, I was also thinking that wealthy people will hide big amounts of money into cold storage and "hodl". But nowadays somebody is selling. Yes, it may be the rich guys that bought one year ago, but they sell instead of buying?! I mean, since the corrections we had this year, they should buying again.
So I think that there may be something wrong in this logic: it doesn't cover the whole truth (and yes, I know, there could be some market manipulation exactly because they're buying and they try to keep the price low while doing that). Still, something seems to be missing...
They sell eventually - yeah - but they don't flip. They sell with the same pace they would sell their physical gold reserves. Which is not frequently.
Market cap of gold is over 30 times market cap of bitcoin; if gold drops those big hands have to suck it up.
But if bitcoin drops and stay below 5000$, those big hands are easily able to pull the price up by buying the market of the bitcoin available.