Here is a chart that shows bitcoin trade volume vs transaction volume. It gives a good idea of speculation vs demand. http://blockchain.info/charts/tx-trade-rat

Here is a chart that shows bitcoin trade volume vs transaction volume. It gives a good idea of speculation vs demand. http://blockchain.info/charts/tx-trade-ratio http://blockchain.info/charts/tx-trade-ratio (This article may help in understanding the chart: http://codinginmysleep.com/measuring-bitcoin-speculation/ http://codinginmysleep.com/measuring-bitcoin-speculation/) The chart shows that the rise is not due to an insane rise in speculation.