Interestingly, the price of bitcoin is proportional to the square of the number of transactions, users, and addresses - Metcalfe's Law for network effects.

Users jump through the hoops you mention because most of the economy runs on fiat. When bitcoin is accepted by many entities and employees can receive a portion of their salary in bitcoin then the need to transfer back and forth to fiat vanishes.

A bitcoin savings account grows in value at an average of 10x annually. The $20 worth of bitcoin I buy today may buy $200 worth of goods next year. That is the bet that bitcoin users today are making.