The value of the BNT after ICO will depend on three main unknowns:

- How much BNT will be required as reserve for smart tokens created through the Bancor platform before the monthly fee is waived
- How high the monthly fee will be for smart tokens created using the Bancor platform
- How the CRR of the BNT will be changed after the ICO

And of course general adoption but that is anybody's guess right now anyway.