Bitcoin's most important emerging use case is digital gold. It's a non-correlated asset that acts as a hedge on the financial markets. I'd even go as far as to say that as an electronic cash system Bitcoin is a complete non-starter because it is maximally secure and decentralized with the trade-off being efficiency. But those people who say that Bitcoin has failed for that reason are not paying attention to the reasons Bitcoin is bought. The theoretical floor of the price of gold is its utility in industry and jewelry. As you say, the floor of the price of Bitcoin is created by holdlers (who see centralization for what it is and who value monetary sovereignty). These people are the strongest hands. And we know from the fact that if gold were not a store of value its value would be a small fraction of its actual valuation that it doesn't necessarily take a huge number of people who are willing to hodl with an iron grip for a solid floor to form a basis for speculative value.