Speculating on a commodity is making an estimate of future demand, and buying now, which has multiple perfectly reasonable benefits: 1. Takes some of the commo

Speculating on a commodity is making an estimate of future demand, and buying now, which has multiple perfectly reasonable benefits: 1. Takes some of the commodity off the market, saving it for the later spike in demand. 2. Promotes more aggressive investment now to hopefully provide more supply later. Those benefits offer grounding for the speculation. You can do some calculations to see how well those things might pay off, and make a bid based on that imperfect information. I don't see how that applies very well to any pure "store of value" like a cryptocurrency. How big the spike in demand will be has no bound on the error. Maybe when cryptocurrencies become a medium of exchange it would make more sense.