Speculating on the price growth is literally speculating on several things: 1. The technologies future potential. 2. Investing based on the realized potential w

Speculating on the price growth is literally speculating on several things: 1. The technologies future potential. 2. Investing based on the realized potential we have seen in the last year. 3. Speculating that the technology will more widely adopted. Just because its a currency doesn't mean it's not going thru the technology adoption cycle, like the internet did and the smart phone did. More people owning bitcoin means more demand means higher price in the face of relatively fixed supply... so "Just speculation" doesn't really make sense as a criticism--- ALL investment is speculation, all investment in early stage technologies is higher risk, and more "speculative".