Depending on perspective - and people in here clearly have many different perspectives - the purpose or value of Bitcoin can be different. But an objective view on that shows Bitcoin is failing on all the different purposes:
Bitcoin is a currency - no
It is failing as a currency, because a currency that dips up to Christmas when you actually want to spend some money is useless.
Bitcoin is a store of value - no
It is failing as a store of value as the extreme volatility makes it like storing water in a bucket with holes in the side
Bitcoin is a better payment tool - no
It is failing as a practical means of payment due to the extremely high transaction costs
Bitcoin is an investment asset - no
The extreme transaction times prevents any normal type of trading of an investment asset, drastically reducing market liquidity - meaning it has failed as an investment asset
Bitcoin is community driven - no
The community has clearly been shouting for something to be done in terms of the transaction costs and transaction times, but devs don't care
Bitcoin is for the poor - no
Only the rich are benefitting, with the poor now seeing their money being trapped behind a "wall" of transactions fees in excess of 100$
Could it end up as a failure? Possibly. Is it speculative? Yep. Risky? Yep. In need of an upgrade? Yep.
Apparently enough people feel it is useful enough to have futures on The Merc, CBOE, NASDAQ with E-Trade, etc, jumping in along with multiple ETF filings.
Now, could those things add more volatility, especially in the near term? Probably. Is it necessary for more acceptance? Yes.
Go argue with the pros.... enlighten them with your pearls of wisdom!
I be