Let's go over some of the things that make up bitcoin's price:
-You can make legal retail transactions -- a very small portion of transfers, but legitimate. This is a 'regular money' use.
-Make large 'wire' transfers for less than it would cost through your bank. Totally legitimate and valuable in my opinion. This is a 'Regular money' use.
-There are future expectations of bitcoin expanding the above two points. Supports the 'regular money' points above.
-You can use bitcoin to (illegally) move money out of countries like China, which is now being cracked down on. This is a black market money / money laundering use.
-Use as a speculation instrument. Valuable in a way, but only bullish on net because it is supported by the above services. This can be done with 'regular money', but speculative financial instruments are primarily assets and not regular money.
There are many others, but those are the big ones I know about. The issue is that it appears the price is 80%+ speculation, 15% capital flight, and maybe only 5% of the demand for the asset is based on the traditional 'regular money' uses... What this means is that once the speculative support moves from net positive, to net negative (meaning, once Bitcoin gets a widespread reputation as being a dog) things start to go downhill hard.
Of course my estimates above are very loose, and in the future the expansion of bitcoin into a far larger mainstream uses case could overpower all of them, but either my estimates above need to be off (and they may be) or we need to see large scale adoption of bitcoin for legitimate uses at some point (also a maybe).