Most people trading bitcoin don't buy it with a money transfer. They go to an exchange. And most people on the exchange who are buying it will be exchanging stablecoins that the exchange accepts as worth the same as dollars. The problem is that most of the exchanges and all of the stablecoins are fraudulent. So the market price of bitcoin represents what fraudsters want it to be, and not a true market price.
Remember that the total money that can be extracted from the bitcoin ecosystem is the money put in minus the money extracted from the system to pay for mining. Currently, a lot of the money put in came out of fraud. And a lot of money has gone out for mining. As the fraud is unwound, we'll wind up with people trying to convert bitcoin to money to pay off as much of the Ponzi schemes as possible. When that happens, the bitcoin ecosystem will wind up in a world of pain.
Anyone who has studied bubbles and market crashes will recognize that this won't be a slow process. Nobody wants to be the last to hit the exits. So once it is clear that people are hitting the exits, everyone tries to at once.
That said, the economics of bitcoin are essentially this. It is a painfully slow, expensive, and inefficient way to transfer money. But, structurally, it is an artificially limited resource whose value comes from what people think it will be in the future. This provides inherent incentives to try to make the price go up if you have some. (Which is what drew the fraudsters in.)
So at some point I expect the price of bitcoin to crash hard. I couldn't tell you if that is in 3 months or 3 years. And after that, well, it's perfectly designed to create bubbles.