You should do both!! HODL for life while spending your bitcoin on your life! IT is a currency as is meant to be spent. Enjoy it when you know the price is up high and don't sell or spend it when you feel the price is undervalued. This is really the best advice I can give.
This is also why crypto that is backed by more than just itself and the blockchain is better to invest in since you can get real-world products and services in exchange for the crypto instead of just a dream.
It's definitely use for spending and we need more people who have a mindset of spending than holding it to improve the chance of bitcoin getting massive adoption. At the moment, it's more on a speculative asset therefore we are seeing more people holding or big portion of bitcoin is being hold than being circulated for payment purposes.