I think the economic theory behind bitcoin is extremely clear: it is the "sound money doctrine".  The gold bugs ideology in other words, but with that difference (which, in my opinion, will kill it) that there are a few extremely rich gold bugs from the start, which get their wealth on paper by the influx of newcomers.  The difference with real gold is that the system itself is a money hog with an increasing amount of friction.    Bitcoin's whales are "new riches" made in 2 or 3 years time, contrary to the long (and half-religious) history  of gold.  This is not going to be socially accepted, the seigniorage is too large.    The "inverse emission model" with a lot of cheap mining in the beginning, when the circle of those that knew was ridiculously small, and the diminishing emission when its price was increasing, gives a socially unacceptable seigniorage distribution, which has all the aspects that are needed for a huge greater-fool speculative bubble, giving rise to hoarding, and a market liquidity which is rather small.  This looks more like black tulips than money.  In the mean time, however, the influx of fresh blood ("adoption") is financing all this.  Until it won't.