I would say that bitcoin has the potential to be a currency (and indeed a safe-haven store-of-value); this may have been the original vision but that vision is not currently realised. At the moment in its development the markets are comparatively thin and regulation is loose. This inevitably causes volatility, which leads to further speculation, and so bitcoin is treated largely as a highly speculative asset. Many people currently buy bitcoin as a high-risk high-reward gamble, they put money in when times are good and it is the first place that money is withdrawn from when a global pandemic hits. Hence the big drop because of Covid-19.