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To be fair that argument could be made about any speculative asset. Art, classic cars, watches, etc. With btc currently the barrier to entry is lower. I can buy some satohis for a few bucks in hopes that they appreciate in value. I cant buy a piece of a Picasso or a Rolex. It is a speculative investment much like those, just one that has a wider audience.

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So is it a speculative investment or is it a currency or is it a groundbreaking technology with uses apart from either?

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.

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