Absolutely. Bitcoin as a store of value had to come before its use as a medium of exchange. Why would anyone exchange a currency for a product when you didn't e

Absolutely. Bitcoin as a store of value had to come before its use as a medium of exchange. Why would anyone exchange a currency for a product when you didn't expect its value to hold until you could use it? If its only value was driven by the demand as a medium of exchange, its value would fluctuate with this demand. In the early days this would be detrimental to its ability to serve the role as a medium of exchange. How long would you need to hold your coins before there was enough demand for exchange again? It is the speculators buying and holding that create the expectation that its value will hold over time, thus making it viable as a medium of exchange.