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What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
Just treat bitcoin like how you treat your fiat.
It is like also your money in bank account where you can able to withdraw it. But there are difference.
Bitcoin still able to spend, remember that there already services/entities that are starting to accept Bitcoin.
Spending their BTC based on their needs for sure and if they invested on Bitcoin. Like for example, you have job and your salary is paid via bitcoin, then for sure you will spend it to buy your needs/wants. So for me, it can be store of value and method of payment too.