Its both really I reckon - just the same as fiat currency is in practice (forex). Btc's value is being buoyed at the minute by investors/speculators - but tbh I can't help but think that this is good because it is at least giving Btc some kind of value.
   Of course whats happening is that Btc is being given a stay of execution - by that I mean that it is being given time to prove its worth/utility.

  And I do believe that there a lot of people (a lot cleverer than me) out there who are working very hard to show to the world Btc's utility by developing code.

    Its a very exciting time - I wish I could be more a central part of it (thru code/programming) but unfortunately I can only support it by the limited amount of dollar I can put into it and by my mouth (as in word of mouth)