Bitcoin has been gaining press / traction recently. Does this make it a viable currency?
Monetary economics has a trilemma where any currency can only have two of: monetary independence, stable exchange rates, and free capital flows.
Since anyone can purchase bitcoins, that's free capital flows. Since the amount of bitcoins grows according to that nice asymptotic curve, that's monetary independence. So I wouldn't expect it to be a stable store of value.
Toss in that it appeals to criminals and other anti-government people, and the expected regulatory response will likely not be kind. Rumors that the CIA has "cracked" it will just add to the fluctuations.
It seems like it's in an existential race; if enough people start using bitcoin before the large governments crack down, then bitcoin has a chance at surviving. However I wouldn't bet on it because even when it survives, it'll most likely fluctuate too much for most people.
Say the cost of the variance in exchange rates is less than the some people's marginal tax rate, then those people will be tempted into the grey market of bitcoin (transacting with criminals). This provides another reason for debt-laden large governments to react with extreme prejudice.
Organizational Behavior note:
Is bitcoin a cult? It ties hideable resistance against "oppressive regimes" (libertarian for governments) with personal gain as the currency appreciates due to adoption. I expect there to be lots of libertarian evangelists of bitcoin who in the face of currency valuation swings will double down and commit more to the cult.