Not all cryptocurrencies are deflationary. Yes the deflationary model encourages holding/discourages spending however for some projects this is a desired outcome based on the utility the coin/token is aiming to provide.

Additionally deflationary crypto can act as a hedge against inflation, hyperinflation, and stagflation. The decreasing supply can counteract inflationary pressure caused by externalities like government policies and economic shake ups.

[–] ZodiacSF1969@sh.itjust.works 1 points 10 months ago

I think any hedge against inflation is countered by the extreme volatility most of them suffer from.

Which cryptos are non-deflating BTW?