It's almost like we don't value it for itself, but what it's worth in "real" money.
It's probably because bitcoin has not caught on with a large majority of the world. As such, most people do not hold bitcoin to the same value that many crypto-traders do. Bitcoin seems to be viewed more as an asset that has value only because other people, although a small number, also agree that it does. So probably until enough people are using bitcoin, people will always have to convert it back to fiat currency.