There are actually one group of people that hoard and that is Bitcoin/Bitcoin Cash holders. But if they where to all dump Bitcoin and put it into industry it would tank the price hard.
I would think that if they sold it for fiat it would tank the price. I don't think spending it has that result though.Spending might have the opposite effect. You are correct though.
Spending it will have the same effect, only on a slightly smaller scale. As more velocity of money increases the inflation of that money a bit.
