In my opinion, people hoard until they don't. so a higher price turns some of those hoarders into sellers or spenders. however, it doesn't follow that hoarding bitcoins will make them worthless. If everybody stopped selling immediately and hoarded their coins, the price would go through the roof which arguably has a much greater impact on encouraging merchants and individuals to accept Bitcoin. wouldn't you agree?
Yes, I agree. Basically, bitcoin can be used as an investment tool and commodity trading. Depending on the passion of each user. Not that those who choose to hold bitcoin cannot take maximum advantage over those who choose to trade or vice versa, but each has a strategy, advantages, and disadvantages.