Every form of investment is, at its core, speculation on some level. If i pour my savings into Apple and they tank, the dividends would pale in comparison to my losses.
Buying a commercial property and renting it out is an investment. Buying a house in the hope of selling it for more in the future is not investment.
Same goes for Gold, Bitcoin, momentum trading in stocks in not investment. Buying a stock that does not pay dividend but is a real business that produces something is an investment.
Gold is a better analogy though the physical existence and thousands of years of use as a store or value give it a pass compared to anything crypto.
Not entirely, but apple’s price is based on a predicted future cash flow and growth in cash flow and assets.
This is different from bitcoin.
Flipping houses is absolutely speculating in real estate if you neither occupy them nor rent them out during the time you own them.
Not all forms of investment are speculations at some level. If I own a landscaping business and invest in a truck, I can drive it until it goes to the junkyard. I generate a return that hopefully offsets the depreciation, and I might not get even a dollar for it when I'm done... I may even have to pay to get it towed away.
All investment is speculation. Bitcoin is no different in that regard to stocks of any kind.