Yesterday, BlackRock Strategist Richard Turnill said theres no inherent right or wrong Bitcoin price, no fair value.
This strategist's comment is so theoretical it's almost a joke.
There is a right and wrong Bitcoin price. The test of that is whether anyone in the world would accept a bitcoin for any price above face (right now). Most people would accept bitcoin for a small premium because they'll have faith that the price would soon pass their buy price, but it's only a small amount of premium that would be accepted.
Would you buy my 1 bitcoin for $10,000? No. You'd say "that's the wrong price!"
This strategist just doesn't know how to value a currency that isn't backed by the GDP of a country. That's all it is.
Says the BlackRock strategist who'll definitely say "yes, that's the right price" to anyone who would offer him Bitcoin at say $6,500 right now. Fair value should be a very basic concept for him to grasp. Bitcoin will cost Zimbabweans more than $10,000 right now if bought locally, but there's a lot of considerations priced into that: scarcity against demand being the most obvious, but also the risk that the seller takes (that Bitcoins will be even in more demand and that local currencies are likely to bend even more in a stale economy).
When China's exchanges faced closure, similarly the extra risks for owning Bitcoin were priced in, and fair value there was 10% below global market average.
Like you said, that's the simple test - will people accept the price? If yes, then that's the right price. Simple, isn't it?