I would argue that there is a good argument to be made that gold is a speculative investment. Look at how similar the scammy "buy gold now" ads are to the crypto ads. There is also a large contingent of the gold market that is holding it not to make money, but as a store of value for after government collapses. The preppers that buy gold aren't that much different than the crypto-libertarians that fear currency collapse/manipulation.

Never mind the fact that if widespread inflation or deflation occurs, the value of bitcoin will suffer as well.

Although bitcoin is a speculative investment, it can be argued to have some utility. Unfortunately, that utility mainly revolves around making purchases the government doesnt agree with.