Yep. Bitcoin is an alternate currency, on an alternate economical market, and is not tied into any other recognized Worldwide currency.
It's value is regulated by a tight conglomerate of investors, and has nothing of recognized worth on which to base it's value such as gold, silver, precious metals, jewels, or natural resources like oil.
That conglomerate decides on the base worth of the bit coin, so it's value fluctuates at their whim.
The one thing that it does do is to draw to itself any available investment currency to itself.
And in doing so, it thus deprives the other, regulated currencies of the World from increased valuation and stability.
It is marketed as an easy investment to get into, which is true.
But the big drawback is that once in, it is difficult to trade, is not widely accepted as legal tender, and many banks will.not accept it.
My advice would be to stay away from it.