The value of BTC is not just based on speculation. It has a use and thats transferring wealth from one to another in the same way paypal/western union does but much cheaper. Consider that paypal alone transacted $451million per day in the 4th Qtr 2012 and another $20 Billion via western union in the same financial qtr. Now just imagine whats going to happen to the value of BTC when just 1% of the people using Paypal/WU start using Bitcoin to transfer or store their wealth. Now add in the people turning to BTC from other money transfer systems too. I think this is what is pushing up the value of BTC along with the speculators that are jumping on the gravy train too