The speculation driven movement of the BTC cannot be compared to the speculation on the USD or any other currency. 0.01% and 50000% are all percentages, but the number is so different as to completely change what we are talking about.

> Speculation is unquestionably a good thing.

Maybe, but usual only if the resulting volatility results in lower price for the consumer, or makes a market.

But then again, BTC has no market for goods nor services compared to the currency it is bought and sold with (its legitimate non-fictional market is so low as to be non-existent).