Check this chart:
Comparing to April rally, although this time the price also spiked up sharply, the amount of ask order at MTGOX is constantly shrinking, it means people are not selling when price is rising
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fblockchained.com%2Fdepth_mtgox.png&t=665&c=kw2aFAjWczFr-Q)
It seems that number of transactions will get less and less with the price rising higher and higher. With a steady rising price, more and more people will hold bitcoin indefinitely. It is wonderful to look at their asset appreciate many folds per year, year after year, year after year
![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
For spending, they will get a loan (good to get some tax deduction on the interest too), and when they need to repay that loan, they cash out some coins at a much later time. Or, they get a newer larger loan to repay the previous loan, since by then their bitcoins are worth 10 times or 100 times much more and they can easily sign a message with their private key to prove to a bank that they own certain amount of coins and get a much larger loan.
![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
Of course this will inevitably lead to another crash if they are running out of loans from banks. But I think by then bitcoins will be accepted by all the people as the most credible store of value, thus won't need to be sold for fiat money at all, they can just spend it