the truth is that the "hoarders" are what gives bitcoin power. They raise the price of bitcoin itself and that allows bitcoin to enter new worlds. It allows it to do things that it couldn't before.
You are overlooking how exchange rate volatility is not a favorable attribute for a currency. If those hoarding continued to hold their coins regardless of current sentiment, you would have a point.
Instead what historically ends up happening, more often than not, is that a rise that is unwarranted gets "corrected". The aggressive buying ends and just normal selling volume can cause the price direction to turn. Then the
hoarders [Edit: speculators] "lock in their gains" by selling, and the downward pace accelerates.
Is this rise unwarranted? That's the question that nobody knows the answer to. It could be. Or, perhaps Bitcoin should already have been a digital currency worth somewhere around $300 million at the end of 2012 but it wasn't and now has been brought to an appropriate level. Or not. We'll see.
But merchants who sell goods and services at $29.87 today and don't convert those to some other more stable form of value may rue the day they decided to accept bitcoins (and hold those proceeds as bitcoins) should a price correction occur swiftly.
