Speculation is the main reason why Bitcoin has value right now.
Aside from the news who greatly affects the price of Bitcoin, investors who are speculating its price help too to make it valuable. If the investors know that it will rise then they will buy and vice versa.
I don't think so! Speculation will just help bitcoin to move up. But I don't think it is the main reason why bitcoin is valuable. The primary reason why bitcoin gets value is that people buy it. No other reason than the power of the people. If many traders put their hand in bitcoin, definitely it goes up. Speculating the price is just a tool that serves to surge the bitcoin.