Well, the problem is that virtually all Bitcoin transactions are buying and selling it for fiat currencies. It’s worth X dollars because that’s virtually all it’s exchanged for now.

If and when Bitcoin is actually used as a medium of exchange, where the transactions become overwhelming in goods and services, it’ll be priced in those goods and services, and those goods and services will be priced in Bitcoin. It’ll stop being about number-go-up and more about things like food-costs-go-down (relative to Bitcoin), or housing, healthcare, and education costs go down (relative to Bitcoin).