Bitcoin value should go up because it can be used to make anonymous, untraceable transactions on the internet. There is really no other way to do that right now. Only a small fraction of people (us) even know about bitcoins. Demand will definitely go up. Supply is limited. Price going up. Yay! Any professional economists to confirm?

Being able to buy socks and toothpaste with bitcoins won't make any difference for the value of bitcoin. People can just use $'s for that.