It has utility though: unlike the dollars in your mattress, it can't be printed into oblivion by your central bank. It is relatively portable, and people have flocked to it as a store of value especially during periods of socioeconomic instability when assets are going down and gov't spending is going up. It's tradeable for fiat in any country, so it allows you to bring value along if you relocate.

Its price reflects that utility and like any modern asset, a lot of speculation. You can speculate on whether it's more or less useful given current events -- nothing wrong with speculating that it is only going to be increasingly useful.

You're right that it has utility, but being fungible doesnt imply that it is automatically an investment.

Speculation is not the same as investment, and it is still completely non-productive.