My dad does hobby trading in the currency markets. It is absolutely speculative, and you bet against trends in how currencies trade against one another.
Just like with bitcoin.
The difference is that USD, Euro, Yen, etc are all trillion dollar markets, where BTC is measured in millions. The speculative market pushes around the valuation a lot more, and BTC swings a truckload more from trading in its exchange rates than any other currency - changes in the Euro are measured in cents over a year, not in a hundred dollars over 6 months.
I won't argue people are buying BTC to use for exchange right now, though - of course a lot of people are investing in it when it is gaining legitimacy.
Just like with bitcoin.
The difference is that USD, Euro, Yen, etc are all trillion dollar markets, where BTC is measured in millions. The speculative market pushes around the valuation a lot more, and BTC swings a truckload more from trading in its exchange rates than any other currency - changes in the Euro are measured in cents over a year, not in a hundred dollars over 6 months.
I won't argue people are buying BTC to use for exchange right now, though - of course a lot of people are investing in it when it is gaining legitimacy.