Is Bitcoin's Economic Majority those who already own coins or those who will buy or keep coins? The Economic Majority theory says that the power to control the Bitcoin protocol is held by those who [own] bitcoins.

But the article then goes on to read:


  The ability for a protocol change to be successfully implemented
  ultimately rests with those who accept bitcoins in exchange for value.


So that refers to investors and those who accept bitcoins for income or revenue but then aren't immediately spending or cashing out the coins they received.

But that power doesn't lie with those who already hold the coins but instead it lies with those who are willing to accept the newly issued coins under the revised protocol or coins with taint from coins issued under a revised protocol.

So, is the Economic Majority those that already hold bitcoins or is it instead just those who will hold the bitcoins generated following a change to the protocol?  If so, how would that be best worded?
Each entity's weight in the economic majority is closely related to its ability to devalue the coins in the protocol version they are against.

People (and their proxies) who are willing to offer goods or services (including traditional currencies) for Bitcoin can refuse to accept coins of the "wrong" protocol, while people who hold bitcoins can sell coins of the wrong protocol.

A detailed analysis might reveal the impact each of these groups has, though I suspect the former group has an advantage.

(Personal note: It's been said that I coined the term "economic majority" in this context. When I originally used it I meant the former group.)