We all know that bitcoin is the king and father of all digital assets. Bitcoin was created for 2 purposes.
1. To be an alternative to fiat currency.
2. Stay free from govt control.
It could be yes.
1. Because people didn't want to spend their Bitcoin after they bought it, they prefer it to store a value which is hoping that the amount vs to dollar will increase and sell when they saw a profit. Maybe 40% of it is used as an alternative currency the rest could be the holder which is they hold for profit.
Personally I do not understand why this is used against bitcoin, a form of money is supposed to be a store of value, the gold that you could use hundreds of years ago to buy something can still be used today to buy a lot of stuff, making gold a fantastic store of value, while in the case of fiat you would be lucky to buy 1% of what you could buy with it 100 years ago, so the fact that people prefer to hold their bitcoin shows how strong bitcoin really is compared to fiat.