I believe it is really hard to pin a value to bitcoin. One could argue that the more market cap it gains, the higher its value, because more people will take it seriously, like it will start attracting wealthier and wealthier people. In a sense that's exactly what's happening, it is getting ever more accepted as a store of value by an increasing amount of people.

After all, isn't this the definition of money? That people accept it as such, that people agree that it has value? Look at Bitcoin as a bank. When people buy Bitcoin, what they're really doing is they're buying a tiny space in the blockchain that says that the address that they own has X amount of value, that they're entitled to X amount of value. This is exactly what banks do. You deposit a $100 dollar bill in the bank, it vanishes with your piece of paper and at the same time it creates a record in their computer that you are entitled to $100 dollars.

As Bitcoin increases in valuer, its "credibility" is increasing in the eyes of many (it's what motivated me to get in and study the technology). Wealthy people won't put their money in the Bank of Zimbabwe, but they won't worry much about depositing it in Bank of America or some other fancy bank. What's better, the money one "deposits" in Bitcoin can't be found by governments and can't be taken away from you (if you take simple steps to secure it of course). This has tremendous value for many all over the world.



On a different note, this is my first post here, i have been following this website for a few months now and i just gotta say, what the hell with many posters here, it's like half of posters here seem like they're permanently stoned and drunk, writing meaningless ****, you gotta try so hard to understand what people are saying. I understand english may not be the first language (it isn't mine either) but do try a bit harder to pratice writing better instead of blindly using google translator to write ****. There, i had to vent this.