For me its a speculative investment. For others your answer may vary. Doesn't really matter though, no one is buying it with an expectation that it wont appreciate so it can be a currency and a groundbreaking technology while still being a speculative investment.
It seems to me that it's a speculative investment for almost everyone, because the case for anything else is extraordinarily weak. And the case for it as a speculative investment is based on the other cases.
