BitCoin's raison d'etre isn't for conversion to fiat currency - it's to become an alternative to fiat currency. I'd love to see a breakdown of how much has been converted into fiat currency vs. how much has been spent for goods/services. Likely, I bet it's well over 100:1. So what has happened? BitCoin is helping put more fiat currency in people's hands as it grows, which is (theoretically) being spent on iPhones and bubble gum, strengthening the value of fiat currency in general.