You are right, which is the fundamental problem with it, right now, and the reason why it is floating on such an enormous bubble. Until it stops being speculated, it won't be stable, and if it isn't stable, it won't be a practical currency, and if it isn't a practical currency, it is subject to speculation. That is the cycle that is keeping prices high, and once the trigger is big enough, (or someone starts dumping the currency, which there are lots able to) the cycle will reverse. And it will reverse, given how many people were throwing their money into it thinking BTC would keep climbing to 10k-100k/coin, not thinking about the what a 1T total value digital currency would mean. And then, 'hey, I put real dollars into digidollars and ended up with way fewer real dollars that I can buy stuff with', crash ensues.