Bitcoin has gained momentum over the period of time and now user base has grown much bigger since inception. However, the focus is concentrated on the speculation part of it instead of the utility value of the same. As of now, the price is determined based on the law of demand and supply but still, it is highly dependent on the speculative market instead of the demand for actual ground level use of Bitcoin.
So far one of the main problems of Bitcoin is precisely its use as a speculative means of accumulating value, and not as a means of payment. Because of this, Bitcoin, having weak technical characteristics, has greatly increased in price, and this is one of the reasons why states are not in a hurry to legalize it, seeing in it a financial bubble. Due to the fact that Bitcoin is very slowly legalized, the infrastructure for its direct use as a means of payment is not created. As a result, while creating a vicious circle.