I can't even see a clear lower-bound on the value of bitcoin as there is with say housing (rental value) or oil (use value), though it does compare well to shares - it could easily go to zero in the long term and is likely to fluctuate wildly based on sentiment in the meantime.
http://neweconomicperspectives.org/2013/12/fair-price-bitcoi...
That is pretty normal for bitcoin though isn't it?
When people talk about the speculative nature, they tend to sound like Glenn Beck. When they talk about the technology, they sound more like techno-futurists. I like now that economists other than Austrians are getting into analyzing the possibilities. It isn't what the worst bitbugs want to hear (bitcoin taking over all currency and forcing global financial institutions to crumble), it is more contemplating how bitcoin fits into the complex monetary, financial, fiscal, etc world that already exists.