there is a fundamental difference between securities which have a claim on real assets and produce cashflows and those that don't

I completely agree, and that also does not make those securities "investments". Additionally, even someone who "invests" (literally "putting clothes onto") into an account at Ally bank for 1.4% interest per year or something is still speculating on a few things-- namely that Ally will remain solvent and that their security measures are sufficient enough to ensure you will get your money in and out without much problem.

Bitcoin certainly is more speculative than GE stock, but look at GE's stock performance and dividend performance. Anyone who thought they were investing into the long term value of a major American company was actually speculating as to whether or not a blue chip stock could produce cash flow and maintain the value of real assets, which, they couldn't do so as well as they did 20 years ago.