"I believe the only usecase left for BTC is speculation. I call that the "tulip usecase"."

Heh, well-played.

In normal markets, your points would be salient. However, in this crazy, Wild West, California Gold Rush market, BTC might be "stable" enough (as in, it hasn't gone to 0 in 8 years) to be the "store of value" - at least for now. It's ultimate nature as highly deflationary certainly helps here, as does its lack of other real uses given the fees and transaction times.

BTC accidentally backed into the role of US$ (global reserve) for it's particular market...