I can’t speak for everyone since valuations are subjective and vary from individual to individual.

Undoubtedly, many people don’t care for bitcoin as a form of money and instead hope they can find a fellow that will buy it for more than they did. That can be true for many goods, speculation is not unique to bitcoin. But generally speaking people that hold bitcoin for its use case as money value it because it lets them store value and to a lesser extent (at the moment) it lets them exchange it for other goods and services. The latter varies from place to place. But as we know it takes time for goods to monetize.