Well yes, it is a small new currency right now. But this does not mean that it has no value.
Let us look at Gold and the $US. Not actually Bitcoin, but it is what we see as value like it or not.
We can see the massive drop in value. Some may not understand this, but Gold does have a value more than those who claim all it comes form is being a “goldbug”.
Remember we also have the cash settlement rates to consider.
Or even the rates, taking this makes the dollar seem a little out there.
So, yes, the price and purchase power of Bitcoin varies. There is a mean and a value that can be shown over time, but in this, some actions and the detractors will attack it allowing for arbitrage opportunities.
These attacks on it make opportunities for the supporters and cost the people seeking to devalue it. So, simple answer, it is just as good as the dollar but getting better every day.