Except I am more than a day trader. That's only how I hedge. A dramatic drop would slow merchant adoption, which is more important in the long term than a new ATH soon. We're creating a new payment system, not a casino.
Merchants don't fucking care, they're using BitPay.
Those of us with substantial holdings will not deplete them by buying stuff at a low exchange rate. We didn't get where we are by buying high and spending low, so price needs to go up gradually and then we'll share with merchants. Overstock bitcoin sales went down because the exchange rate went down. If it goes up, more bitcoiners will buy stuff there and then more merchants will jump on board.