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How do you value bitcoin? If people decide to stop using bitcoin as a means of exchange or a store of value or a speculative instrument, then its value will be zero. Unlike gold, there is no intrinsic scrap value for a bitcoin. However, if bitcoin becomes the sole currency for all transactions in the world, you could plug in a gross world product of about $100 trillion, and get a value per bitcoin of about $500,000. Now all we have to do is to figure out the likelihood that everyone decides bitcoin is a fraud and stops using it, and the likelihood that bitcoin becomes the sole currency for commerce worldwide, and the distribution of all possibilities in between. Then we know what bitcoin is worth.