The remainder are purely being traded and act as speculative instruments. (bitcoinmagazine.com)
They are concerned about the potential for fraud from ICOs and the risk that people do take investing in such speculative instruments. (coinbureau.com)
Unlike many other speculative instruments, gold wont go bankrupt, be diluted away, expire, liquidate, etc. and doesn't have massively negative long - term expected value as its price has kept up with inflation. (csinvesting.org)