What we are witnessing is the only way bitcoin could go from zero to hero. Each bubble crash cycle will get more people involved increasing the overall skillset. Yes, many will abandon after the next crash, just like they did after the last two. But not all, so the number of people using it as currency will grow. This pattern is now very obvious to anyone who has been watching for long enough. A better question is whether there is a term for this phenomenon and whether it has been studied before or is unique to bitcoin.

I do not mean to say there is zero chance bitcoin becomes useless sometime soon, but if it does it will not be for reasons of volatility and speculating.