The volatility of Bitcoin is neither a merit nor demerit because that is the very nature of every asset that is experiencing huge demand and supply. I don't even know why this is becoming a topic of discussion because it is an inherent property of Bitcoin. Every asset that is driven by the forces of demand and supply will always experience volatility. Take for instance gold and oil, they are both subjected to demand and supply hence they will experience volatility. This means that volatility is not limited to Bitcoin neither can it be used as advantage or disadvantage for Bitcoin.
But you can't deny that bitcoin's volatility is significantly greater than gold, oil, or any traditional asset. It can be said that no traditional asset is as volatile as bitcoin and that brings both advantages and disadvantages to bitcoin. Not everyone likes high volatility, roller coaster rides and that is one of the reasons why many investors are still hesitant and have not invested in bitcoin. Or as some have pointed out, with such high volatility, using bitcoin as a currency is very inconvenient and no one wants to use such a volatile currency.
It will change eventually to the times where BTC would be much more less volatile to be used such a currency, imo, it all comes to such a way of things, because demand for BTC rises, and so rises the power needed to turn its price somewhere.