> (..), but [bitcoin] it has little uses outside of being worth a lot of money.

I keep reading this and sounds false to me. Why do you ignore the illegal drugs market? Lots of people uses bitcoin daily to buy and sell substances. You might have a moral opinion about that fact, but it remains true. You might think it's a small, or temporary market, but I disagree based on the history of humans and drugs use.

While I don't fully disagree that speculation might be the main drive of the price, let's not forget that the are some real, big, uses of bitcoin.