many early adopters (especially those who mined) do still hold, those in it to make bitcoin a true currency, kinda defeats the whole purpose if you trade it for fiat (but thats lost on most people here nowadays).

i've been in cryptos awhile and i personally don't trade for fiat (what seems crazy in short term pays off in the long as its more crazy to trade a deflationary currency for an inflationary one).

those who weren't in it for the fiat are the ones who (on paper) are now worth more then those who where