Bitcoin already has proven valuable properties. The question now is whether or not the future flushed out value it brings is higher, or lower, than the current market price. There's a lot of unknowns which is why at this time it is a speculative investment.

Make no mistake though, bitcoin is already valuable as a value store, especially for wealthy individuals who live in countries not quite as stable as the US. It also has a place as a convenient high risk investment at the high risk end of any investors portfolio who is looking to increase their risk adjusted return.