It's a speculative investment sure, but my point is that it's nothing but that. Bitcoin's value has always been based on the value of bitcoin increasing so that you can sell it to the dumbass who thinks $100k is the floor. There's functionally no distinction between buying a $1000 beanie baby, a $300k URL for a monkey jpeg, or $100k monopoly money. At some point you run out of suckers who think it's intrinsically worth that price.
It's a speculative investment sure, but my point is that it's nothing but that. Bitcoin's value has always been based on the value of bitcoin increasing so that you can sell it to the dumbass who thinks $100k is the floor. There's functionally no distinction between buying a $1000 beanie baby, a $300k URL for a monkey jpeg, or $100k monopoly money. At some point you run out of suckers who think it's intrinsically worth that price.