Even if Bitcoin is a bubble, we are still not even close to be in "stage 3", where general public jumps in. For asset to be in a bubble, it need to be largely held and this is not the case whit Bitcoin, since majority does not even now what it is.
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I guess general public won't jump in being the price completely volatile. If BTC is supposed to become a real exchange medium, it needs to be more stable in prices.
Unless people feel forced and want to bring their money to safety. Then they might use Bitcoin just as a store of value for the time being (that's what i do). As a means of exchange, other currencies might prove better in the transition phase or even long run. Bitcoin has still has a long way of development ahead. It's not even a teenager yet... ;)