The other issue is that people just want to hoard their stash and not spend thinking their coins would rise up in value to the heavens. This further reduces the circulating supply.

Another issue is the people who invested early and then lost access to their funds like this guy: https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-value-james-howells-newport-landfill-hard-drive-campbell-simpson-laszlo-hanyecz-a8091371.html

Once again it reduces the circulating supply.