I don't see the spending part. Most here seem to be holding, with very little to no spending. Expecting others to spend for the benefit of those holding.
People have been saying this for years, but it's simply not true. Back in 2011, you could buy socks for bitcoin. Today Overstock.com and NewEgg are surpassing their estimates for bitcoin-related sales. I've been around since 2011 and I would've have loved to have had the opportunity to buy something besides Casascius coins back then (although in retrospect, forcing me to hold made me quite a bit of money). Now I pay for VPN service, food, hotels, and electronics with bitcoin on a regular basis.
I don't know how people expect to "see" others spending their bitcoins. In any case, its time for this argument to die.