It is both with the added benefit of ether serving as the gas for powering the smart contracts which makes it even more valuable than bitcoin think commodity like oil rather than gold. Most of them will crash because the market cannot support this many businesses that are this large, it is simple math haha... and as history has shown us just because people put money in a company doesn't mean that it will succeed or even make a viable product. There are companies that are complete vaporware worth hundreds of millions.