Taxation and legislation about crypto currencies holdings is evolving in many countries. A lot of my friends don't convert to fiat because of uncertainty in taxation or because fearful they made some mistake before. Therefore there is a part of HODLers who are long time money savers. This is a strength very rare in fiat holdings.
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written a few bits on this topic on P0x
I know, I hope this will be useful because every time there's a (confusing) announcement by FED or some governments who is more confident converts to fiat, others HODL