I think we're still early 2 trillion in global cash balances in an asset is a relative drop in the bucket, plenty of upside to go.

Of those cash balances how many are individuals who have no other cash balance to spend? I venture to say very few, once your fiat cash doesn't get you jack shit, which is coming for me sooner than those in developed nations I will have to be prepared to use my Bitcoin.

If I just look at my personal experience if I spend Bitcoin i'm replacing immediately, because I still have the luxury of fiat income I want to spend the bad money first and also secure as many sats so I have a bigger pool to draw down from since there's no yield on Bitcoin