Of course it would, it would be used as currency
How can you say that? If the price would have been stable then today none of us maybe were aware of it because it would not spread like this if its value was that much low as it was at the start, why would people start using a currency that has a price like cents?
Bitcoin is a currency already. People use it like US Dollar bills.
The flux in price is not related to the acceptance of bitcoin as a currency. Rather the fluctuation in price bring in more traders. Of course if the price was negligible then it would not be popular at all.