The scare quotes around "invest" in the parent imply (correctly, in my view) that buying anything with this kind of volatility / lack of intrinsic value is not an investment, rather a speculative bet.
Yeah I have put a pretty significant amount of money into bitcoin and have seen amazing returns. If I thought of it as an investment I'd feel like a fool for not putting more, but as it stands I view it more as a hobby.
Isn't a speculative market driven by gossip and rumors? I think the burden of proof is on you to prove why it is time to buy up BTC as an investment and not a wild gamble.
Sure, the value is highly unpredictable and swings around massively, not to mention the current squabbling that brings the future of the currency into question (not all crypto-currencies mind you, this is specific to bitcoin). Investments have risk profiles associated with them, for most long term investments people expect minimal risk in exchange for minimal rewards. Some more aggressive investment profiles trade more risk for greater rewards. But even the riskiest of investment portfolios pales in comparison to the levels of risk you see in the bitcoin market. Don't get me wrong, I myself have purchased a decent amount of all the crypto-currencies out there, and was one of the earlier purchasers and miners in bitcoin (sadly I lost most of my early mining results when MtGox melted down), but I've also never deluded myself into thinking this has been a wise long term investment, it's a gamble pure and simple. If you go into the bitcoin market investing anything you can't afford to lose at the drop of a hat you're an idiot, whether it pays off or not. Even if it works, that doesn't mean it wasn't a stupid idea in the first place.