Does it really matter if the value of something is 95% speculative or 100%? Loosing 95% of the value of your investment is not a lot different than 100%.
Gold has the Lindy effect going for it. Humans have been trading it for thousands of years. Bitcoin has been around for 16 years.
Gold has industrial uses and if its value dropped, its uses would expand. Bitcoin has no such inherent supply-demand curve.