In my opinion, BTC is not a traditional currency like gold and silver because it does not have any use value, so it is not a credit currency. It's basically just one use, money laundering tool. The tool explains why bitcoin prices are spread across the country and abroad. Domestic money is changed into bitcoins and then physical transportation to overseas exchange for foreign currency escapes regulation and the cost of money laundering is lower than before, and the risk is low.
While its value is highly speculative (because it's so new), I disagree that it's only use is for money laundering. Bitcoin and other cryptocurrencies enable low-cost frictionless payments.
Do not confuse the desires of a few bad actors with the needs of the world. Without bitcoin, it is impossible to send money through the internet without the help of a financial institution, which not only adds significant cost, but also it intertwines the financial sector with all e-commerce. This means that when the big banks fail, the entire world economy is brought down along with them. If you don't believe me, let's go back to the year 2008 when the fraudulent banking practices of a few large U.S. banks were exposed. This domestic problem propagated into a full-blown international crisis due to the interconnectedness of the financial sector to the multi-trillion dollar e-commerce industry. It caused the Great Recession, which was arguably the worst economic disaster since the Great Depression. Bitcoin didn't emerge in 2009 out of coincidence. It was born out of necessity.
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