If you’re making a profit on it, how is it not an investment?
Because it does not pay interest.
It is a method of money transfer. It is a store of value. (I am going to say it...get ready) It is a store of value in the same way some rocks are. You value it at one number, and I value it at another.
Since there are a limited number of them (maxing out at 21 million in a few years) So the more interest there is in using bitcoin, the more expensive they become. Like gold or silver.
Yes, I know people will say, “But I can hold gold in my hand.” Yes you can. But its still a rock. If I see it as a rock, I would ask if you were crazy putting value on a rock. You see it as gold—a hedge against inflation.
Try transferring value using gold. You will NEVER get spot for it. Transferring it beyond a face to face meeting is expensive a risky.
Its all in the functionality of the unit, and the general acceptance of the unit—be it digitial or a rock.