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It is if the only reason that they have value in the first place was the hoarding and speculating, which seems a reasonable interpretation of events to date. A currency of no value is not useful for trade.

I mean that "if" as a true logical statement, not an implied assertion that it must be true. (I do believe that, but I'm not asserting it right now, because I'm not defending it.)

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Its apparent that people are finding value in them aside from their speculated worth. They are using them to facilitate anonymous transaction and more easily transact internationally. Whether those use cases are valuable enough to keep people using bitcoins, I can't say.

Bitcoins utility is a factor in its value.

True, speculation and hoarding dominates its usage at the moment but there is still potential.

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