I calculate the Bitcoin "right" price level via acceptance because I see it as the most important determinant of Bitcoin (and all other cryptocurrencies) price.
How I determine the acceptance rate? It is much harder to answer. Yes using Bitcoin for regular payments is one part of this but there are many other functions of money as well. USD acceptance rate is near 100% now. If Bitcoin is accepted just as USD, then its price is justified to be near one million USD. Not ten millions, not 100 000. Do you imagine one Bitcoin to cost 10 000 000 usd (in nowadays usd purchasing power) even if Bitcoin is fully accepted ? I think, you do not - because there is hardly so many wealth in the world to able this.
Okay, I see your point, but how are you so confident that the Bitcoin's acceptance rate will increase by that much? It'll definitely see an rise in the upcoming years because it has become way too mainstream after it surpassed $100,000, but in no ideal world would it even be close in competing the U.S. dollar and most certainly won't replace fiat currencies. This wasn't Bitcoin's intended purpose either. And according to you, what would happen if the acceptance rate doesn't budge and stays the same?
I do not know how much Bitcoin acceptance rate will increase. Yes, it is possible that it stagnates or even fall - I think the BTC price will follow that sooner or later (or rather sooner).
Yes, Bitcoin is interesting thing, very interesting , but I have seen repeatedly that this quality does not cause huge popularity.