Gauging the 'real' value of bitcoin

Fundamentals have little to do with the price of the cryptocurrency

The theoretical rationale underlying market-determined exchange rates is that markets are efficient in pricing assets taking account of all “fundamentals”. One example of how questionable the assumption of fundamentals determining asset prices is of course gold, a metal with few usages (except for making ornaments) and little intrinsic value based on fundamentals and yet valued a hundred times more than steel, aluminum and copper, all metals far more useful for economies. Another one in the news lately is the bitcoin, an artificial currency.
 
Bitcoin is a digital currency, described as a peer-to-peer version of electronic cash, which would allow