I have stopped looking at bitcoin as a currency and have started looking at it as a stock or bond without any backing collateral or assets. The only particular properties are that it trades in a special way (in fractional quantities and round the clock) and that the number of shares is known in advance.

Otherwise it has the same volatility as a stock. It can gain or lose half its value in a few hours. Just like a stock the way to take volatility out of it is to diversify.

The volatility has nothing to do in my opinion with the lack of a central authority distributing it. It has to do with heavy speculation of this particular stock. Central banks can only correct for long term price evolutions, not for short term fluctuations.