Media actually plays a vital role on why the price of bitcoin is significantly high in the market. With its scarce supply and decentralized nature, people are always speculating that one day, its price may skyrocket given the number of times it already happened in the past. With this in mind, people are willing to purchase bitcoin even though they know little about its actual use and history.
Bitcoin has value because it is a great store of value. It's similar to digital gold, only gold is much harder to store, secure and move around than gold.
I do not think that bitcoin is a good store of value despite its high price. Due to being digital, its intangible and it is also volatile in nature. Its price may either increase/decrease significantly in a short amount of time.