I think the issue is not necessarily whether it is bitcoin, gold, or fiat currency - it more around intervention. Putting aside the deflationary aspect around 21M bitcoins, bitcoin is supposedly a currency where it is market demand tha dictates the price. Fiat currencies are controlled by central bank monetary policy - interest rates and supply. We have reached a global economic precipice never seen before at this scale - due to central bank intervention. There is a great piece published here on the market liquidity flood we are living now and will be living for a long time in the markets:

https://steemit.com/money/@thehutchreport/the-illusive-market-crash

I get your point @calaber24p about people wanting to "hoard" because it is a natural inclination if you think value is going up (eg. cabbage patch doll craze, bitcoin, etc) - however with currency, people at some point do need to spend it as they need goods and services to live. So this may limit currency hoarding to some extent. In addition, with the plethora of additional digital currencies now flooding the market as well as increased interconnected-ness of payments for global commerce this creates not only FX opportunities but also creates market competition for currencies as well.