No one has ever tried to take a ledger from the unit of account representing no value to representing value on a global scale. Every historical money has come from a cultural context where the token was valuable, beautiful, or frequently both.

When people point out Bitcoin's volatility, I wonder how else this could be accomplished on a decentralized and voluntary basis.

Which isn't to say that BTC will achieve that, of course. But unless it does, how could it possibly have a stable value in between? It's either worth $0 or ~$1-10mm per Bitcoin, and the market is having a vigorous argument about which.