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no, because if persons with BTC hoard them as a value store rather than spending them as a currency, the merchant won't see (significant) spending from BTC holders.

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Not all sellers pin their BTC values to USD. What if I were offering you a $400 video card for $300 of BTC? (This is especially true of Silk Road prices, by the way).

I have a suspicion that many people are spending their "hoarded" bitcoins, and also immediately moving to buy/mine more...

The only reason to hoard bitcoins is if you plan on spending them eventually. In the long run the same amount of bitcoins will get spent.

Tell that to the merchant who needs to make payroll this month, not in the long run.

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