That might make sense if bitcoin were a commodity, but it's not. Speculation helps in markets where there are cross-market arbitrages available -- the stat-arb

That might make sense if bitcoin were a commodity, but it's not. Speculation helps in markets where there are cross-market arbitrages available -- the stat-arb speculators can front-run the true arbitrageurs and keep markets in line with one another -- but that's not really the case with bitcoin.