Heard the same rationale during the tech bubble. Bitcon is growing due to speculation, pure and simple. Those who got in early have ridden the bubble up, hopefully exiting before the burst, what you have now are all the fool lemmings following in their footsteps trying to make an easy buck only to watch their profits go bye bye.
By no means does that mean there is no value here. There are still many, many dot-coms from the bubble era that are alive and well. Sure, only 2% of dot-coms ultimately survived the crash, but that's the point: The bubble did not cause those dot-coms of a crash, they failed largely not because they had no viable long-term business model.
Short moral of the story: Invest for value, not because everyone else is doing it.
If you are riding the BTC train because you have done research and see a value proposition here, that's one thing. If you are getting in to it because you want something for nothing just because everyone else is doing it, you deserve to lose.
YOU must decide YOURSELF if the model underlying bitcoin is something you wish to trust, and for how long.