The Bible is the foundational text of Western civilization and culture. As such, there are nearly countless allusions and references to the Bible in much of the world's litertature, in many languages. The problem is when people forget that the Bible is a human artifact; problems occur when people develop an exclusionist and dogmatic attitude with respect to the Bible. Problems occur when people come to view it as the " inerrant Word of God." The Bible is actually an anthology of many books; the English word "Bible" is derived from the Greek word meaning "books" [biblia]. The Bible contains a lot of sound moral principles which remain valid even today. It also contains a lot of curious, vulgar, and abhorrant nonsense. The Bible was written, edited and re-edited over at least a millenium by people living in various cultures and speaking various languages. These people held a pre-modern viewpoint very different from that of modern society.
However - like it or,for good or for bad - the Bible is indeed the foundational text of Western culture. Ideally, everyone should have a knowledge of it. Moreover, I think that people should also have an awareness and knowledge of the foundational texts of other cultures, such as the Qur'an, the Vedas, and Buddhist texts. It's been estimated that Christians make up only from 20 to 25% of the world's population. Therefore, it becomes important for them to read and learn about other cultures and religious traditions by reading their foundational texts - their scriptures and wisdom literature.