So much so that, very likely that's exactly what its creators hoped to achieve. You mine it after all.
The vast majority of participants in this market aren't parking their money in BTC to preserve it, and neither to use it as a medium of exchange. They're doing it with the expectation of a return. If those returns fail to materialize, the money will move elsewhere.
And it may behave "like" gold in some respects but in many other crucial ones it does not.
BTC is not a useful raw material in any industrial process. It requires a P2P network and extensive global infrastructure, so it won't still be sitting there inert in 1,000 years, when the Power is out, in a crisis. BTC can't be alloyed with other cryptocurrencies to produce other value added products.
You can't put BTC leaf on your fancy pastries. There are no other downstream businesses that specialize in assaying the purity of your bitcoin.