desperation and high hopes of the hodlers and miners isn't sure footing in my book. The price has to either go down enough, or there have to be new markets that will cause proper rise in demand
it doesn't matter whether the demand is reserve or consumption -- its all demand. miners who hoard until profitable, with ever increasing costs to play, and holders who hold, constitute reserve demand.
it is silly to pretend that only utility gives bitcoin value. there are many sources of value. market value is simply demand. market value is not utility value or productive value. the sources of market value are as diverse as the sources of demand, and no more diverse.
bitcoin has no productive value without market value, without demand. demand is required in order to provide bitcoin with its utility value. it is unlike things which do not function as currencies in that regard.
hoarding bitcoin adds to its productive value as well its market value.
a more liquid market will not require hoarders. but liquidity will not be self-supporting until the market value is much higher. meanwhile, it is just like hdbuck's little beetle. we need more hoarding in order for the market value to reach a level where the usability as currency is improved. more market value motivates entrepreneurs, motivates awareness, motivates participating in the economy.