The author is assuming that (a) someone who's making all their ordinary purchases with ETH instead of VISA isn't holding any ETH, but making a separate buy on an exchange for each individual purchase, and (b) anyone who receives ETH immediately sells it for some other currency, despite living in a world where it's possible to use ETH for all purchases. These seem like questionable assumptions at best.
There's an underlying assumption that a cryptocurrency must be either a store of value or a medium of exchange, but not both, which is a bit odd since every fiat currency is both, and gold was both for thousands of years.
There's an underlying assumption that a cryptocurrency must be either a store of value or a medium of exchange, but not both, which is a bit odd since every fiat currency is both, and gold was both for thousands of years.