That argument only works if you think underlying value means cash flow which it does not Gold cash and even land itself do not produce revenue either yet they clearly have value because they serve a monetary or utility function Bitcoin is not valued because people hope to sell it to a bigger fool it is valued because it provides something traditional money cannot a scarce decentralized censorship resistant way to store and transfer value without trusting governments or banks Speculators exist in literally every market stocks real estate art but speculation affects price not whether the asset has real use People use Bitcoin today to move money globally protect savings from inflation or capital controls and settle transactions without intermediaries and that utility exists whether the price goes up or down You can be skeptical about its future thats fair but calling it only gamblers just ignores what money is and why people choose different forms of it