This paper analyzes the theory of speculative proposition in the Preface to Hegel's ”Phenomenology of Spirit”. Hegel repeatedly criticizes the form of proposition or judgment in his writings, maintaining that the subject-predicate structure is inadequate to express philosophical truth. In the Preface to his ”Phenomenology of Spirit”, Hegel discusses an alternative, dynamic conception of proposition, viewing the proposition of identity as a back-and-forth movement between subject and predicate. Many Hegel scholars believe that the speculative proposition is this alternative form of proposition, designed specifically for presenting Hegel's speculative philosophy. This paper argues against this interpretation, showing that Hegel does not aim to construct any alternative form of proposition, but rather employs propositions in a peculiar way to reveal the presuppositions and limitations of the propositional form in order to establish his holism of truth.