There are many other factors pushing people away from bitcoin. You mentioned the first one and you were quite right. The second one is the regulation system. We all know that the bitcoin is something quite new on the market and it needed to be regulated. People did not invest in it because they were not sure. Another aspect is the negative reluctance of governments and public banks to officially support cryptocurrency. It is even forbidden in some countries to deal with virtual money. If in your country you have that kind of ban, well you cannot invest in bitcoin. The volatility is a fact that prevents people from investing as you said. The political aspect is as well a major stop to investment into bitcoin.