It’s possible that some or many of the people who bought into the original Ethereum ICO did so because they liked the idea and wanted to support development. It

It’s possible that some or many of the people who bought into the original Ethereum ICO did so because they liked the idea and wanted to support development. It’s not always a pure cash grab. If the only definition of speculation is buying and selling an asset in the same day (the government’s definition of a day trader) then most are investors.