The world is still deciding what Bitcoin does as well as how is should be classified, after it's inception twelve years ago . Practically, Bitcoin isn't isolated from the traditional banking system because its price is supported by USD bank liquidity making its trade as a speculative asset rather than a currency.
The dollar is the most popular currency and most currencies are valued or supported by the USD. Bitcoin is a speculative asset because its price is not relatively stable in the short run but keeping it for long-term can be profitable.
Satoshi Natamoto envisioned Bitcoin as an alternative to traditional fiat currencies. If Bitcoin had been trading on its core value proposition - the ability to be your own bank - then Bitcoin would have rallied with rising bank uncertainty
Bitcoin is still a young currency that is gradually gaining global recognition. Harsh government policies have limited its popularity and acceptance. The coin will gain its natural currency nature are it becomes more acceptable worldwide.
After all, Bitcoin network suffers from scalability issues and high transaction fees, leading many to believe that Bitcoin is more of a store of value than an alternative form of cash. With Bitcoin and other cryptocurrency, we're faced with a more futuristic form of money
The belief that bitcoin transaction fees is high is debatable because it is not applicable in all situation or different locations. Timing the mempool to know when the transaction fee is low and using the lighting network will be some good options.