It's only deflationary for a single blockchain. You can just copy the code and start a new blockchain. You have to have a reason for people to want to store their value in a particular blockchain.if not it's just speculation like everything else.
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Store of value only works when there are no close substitutes.
The blockchain gives you full control of your own money.
And if someone buys or sells stuff using a crypto then they might as well store their money in it as well for convenience.