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It's true that the Overstock transaction itself doesn't create new demand. But it may bring new users who buy/hold BTC, if they see it as a useful store of value or just for conven…

If you believe that overstock will lead to increased demand for BTC (perhaps not due solely to overstock but a wave of merchants who follow suit) and that the demand outpaces BTC's…

I would describe #3 more generally by saying that holding BTC creates an opportunity cost , unique to each person's circumstances. Some more reasons: 4. Lower transaction cost (esp…