There are many obstacles that bitcoin will face first before having it's true value like government acceptance. If 50% of the governments will banned it then it's value will only remain to 50% out of it's 100% value as the demand is only 50%.
If there are many buyers then it's price will increase and the same with it's opposite, so in my case only the government has the power to dictate the price of bitcoin.
I believe the true value of Bitcoin is subjective as the supply and demand dictates. One person may think that the true value of Bitcoin is over a million dollar and another person will think it is worthless, regardless of government acceptance. It is the willingness of a person to pay according to his assessment how much he think the worth of Bitcoin is, same goes to those who sell. Though this is influenced by the government acceptance but still it is how much an individual want to buy or sell Bitcoin and the availability in it in the market and how many are you competing on that price.