The price is partly driven by future expectations.

Every month the amount of bitcoin-denominated commerce has increased. It's a simple extrapolation to see that the limited supply of bitcoins will need to be worth much more in the future to support the ever-growing amount of bitcoin-denominated commerce.

People aren't buying a bitcoin today so that they can buy a loaf of bread today, but many people are buying a bitcoin today because they might be able to buy ten loaves of bread next year.

Or maybe none, if Bitcoin fails, because it's highly speculative for sure. If, like me, you think the fundamentals are sound, it's not such a big risk.