If a coin is purely deflationary you will later on run into trouble regarding the functionality of the economics. Nobody will use it to transact because holding and only holding is the holy grail. If that is the case and everyone's best decision is to hold, who is going to use it and for what? You need to have a way out for that problem unless you don't care and just try to sell first.
Bitcoin till date is mostly seen as an asset of investment rather then something we can use for daily living. BTC didnt reached at current spot straight away rather took years. deflationary concept is new and will took sometime to be accepted, though I am surprised to see its bullish trend.