So, #2 is exactly what I said, just fancy. I agree, people bet on BTC's growth. That's what speculation is. But your causality is circular: people betting on BTC/USD because it's grown in the past is literally the definition of "pure" speculation.
But #1 simply isn't correct. Yes yes yes, I've read all the kool aid papers too. But the amount of crypto held as a "collateral asset for smart contracts" is effectively zero. BTC, in practice, just gets parked. Most wallets never trade at all.
But #1 simply isn't correct. Yes yes yes, I've read all the kool aid papers too. But the amount of crypto held as a "collateral asset for smart contracts" is effectively zero. BTC, in practice, just gets parked. Most wallets never trade at all.