Hoarding has a price - the marginal utility of each remaining token of value increases, so it becomes much more expensive to hoard. Some amount always circulates.<p>Hoarding in a mattress represents a lost opportunity cost. Most hoarders put their money into something that yields interest, that gets it circulating, and it is in fact, how our entire banking system works.<p>Also, let&#x27;s call hoarding something else, namely &quot;saving&quot;. In a healthy economy, you need saving and spending. Saving is a way of deferring spending to the future. When lots of people save, it means it&#x27;s a good time to borrow money because it&#x27;s cheap due to the nature of the banking system and lending and because it means that people have money to spend on whatever you&#x27;re producing with the credit. You really can&#x27;t have spending without saving and vice versa, otherwise you risk some kind of credit crunch or collapse of the currency. (The USD is in a scary place, BTW).<p>If you&#x27;re trying to argue against Bitcoin as a currency because it&#x27;s used as a store of value, then you have to be against the USD or Euro too. The ratio of saving to spending is different among these, and in Bitcoin-land the ratio is particularly skewed to saving due to the early adopter advantage, but there&#x27;s still a healthy amount of churn for a currency that&#x27;s so young, despite profound technical encumberance to its usability.