It is common to hear Bitcoin criticized for being purely an instrument for speculation and not having a basis for valuation except for the Greater Fool theory.
The reason why that is stupid is that that particular criticism would not be a valid criticism for TCP/IP, the Transfer Control Protocol/Internet Protocol stack, either.
Bitcoin is the protocol implemented by software written for Bitcoin nodes and miners.
The cash flow generating business is Bitcoin mining. Bitcoin miners compete for the right to sign a block and the product the users buy is space for their transaction to be included in a block.
The bitcoin token captures the value of the network due to its utility and scarcity. While the token itself does not entitle the holder to any cash flow, the tokenomics are built in such a way as for the token to appreciate if the business of Bitcoin mining grows as the network grows in usage.
I hope this clears up any misunderstandings in this regard.