Right but speculation based on what?

Bitcoin's current speculation is based on the theoretical "it'll replace fiat", otherwise what other utility does it have?

Gold technically can be melted down to be used for jewelry, wiring, etc. so in theory it would never go zero. If BTC doesn't work out and no one ever uses it to transact, then in theory it can go to zero.

That would be a very bearish take on Bitcoin, since any investment that is only speculative has an eventual future price of $0