[duskwuff]

Normally there's some sort of external factor that you're indirectly speculating on -- the success (or failure) of the company issuing a stock, for instance. With most cryptocurrencies, though, there's no economic fundamental underlying the price; speculation is the primary (and, in many cases, only) thing controlling the price.

The fact that cryptocurrency markets aren't regulated -- and, in fact, are frequently manipulated by schemes that would be illegal in any other marketplace -- doesn't help, either...

[kolinko]

In case of the top ~100 cryptos/tokens, there is usually an external factor.

Besides that, the distinction between speculation and investment is not as clear as you say.

By your definition, there is no such thing as "investing in art" - only "art speculation".

The definition of investment/speculation I prefer is whether the asset purchase is based on economic reasoning, or emotional reasoning. The latter is people buying "because the charts are growing", or "because the market is hot but will be hotter", or using technical analysis voodoo.

If you have a basis for your purchase price that is not connected to historic price charts, you're an investor.

[wpietri]

You can't just make up new meanings for words. Speculation is a defined thing in the financial world: https://en.wikipedia.org/wiki/Speculation

Investing in art happens all the time. Movie companies do it reliably when they create or purchase films with the hope of generating both economic value (that is, enjoyment) and long-term profit. Music companies do it when they give a band money to make a new album. Touring art shows could also be seen as an investment where they acquire assets and then generate value (that is, viewership) with them. But yes, buying and storing paintings in hopes they will be worth more later is speculation.