Currency should never fluctuate like that in a day. It needs to establish itself and maintain a steady price increasing or decreasing very slowly before anyone will take it seriously. If it wasn't risky and speculation and was meant to be worth $1000 it would be, end of story. No one could manipulate the price.
Bitcoin has no barrier to entry. Nothing stops the fiat rich from playing Bitcoin like a fiddle. I'm sure what we've recently experienced is just a few millionaires having fun, we haven't even seen the real whales yet.
Do not expect stability in the Bitcoin exchange rate for years. In fact, these people can pretty much play with anything they want, housing markets, economies of entire countries, et cetera.
When you say "currency should never fluctuate like that in a day" how do you propose we design a voluntary currency with no barriers to entry in order to prevent the insanely rich from playing with it like a cat with a mouse?
+1. There is no asset safe from the greedy tentacles of global finance, from the madness of crowds. We will have corrections and we will have crashes. You can design the protocol for the blockchain, but look around at the state of global economics. There are no experts who can engineer efficient price price discovery, in any market. It is what is it, love it or hate it.
I have learned to love it. Be patient, don't panic (not to buy or to sell), and you will be rewarded.