[slg]

Not completely, but to a certain extent, yes. Like that sibling comment stated, there are certain important qualities for a good speculative investment like being easy to store, transport, and hold. Remember the point early in the pandemic in which a barrel of oil actually had a negative price? That is because it was difficult and costly to actually have ownership over the speculative resource. Bitcoin being so easy to own and transport makes it a much more attractive speculative investment in comparison to gold, oil, or steel so more people participate in the speculation.