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.
I am still expecting things to change around and the developers could fulfill what everyone wanted, to be used a currency and if you have that aspect of bitcoin then everything will come into place, you cannot expect it to be a store of value without the function of a currency, regulations will happen in the coming years and it is inevitable.
@OP the recent price drop can be because of many reasons and COVID is a primary reason because the entire economy is struggling.