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I think an interesting way to speculate on the potential value of bitcoin is comparing it to other global asset classes. Currently it's $16 billion.
In terms of "store of value" purposes, global precious metals are valued at $800 billion for silver, and $7 trillion for gold.
If Bitcoin establishes itself as a "money" which is accepted by many vendors, then I suggest we compare it to the M2 measures of currency: USD at $13.2T, EUR at $10.1T (USD), CNY at $23T (USD), JPY at $8.4T, etc.
Throwing darts, let's say its ends up being somewhere between the two, and says $5T-15T. I think this is reasonable, even if it is as high as any one major currency, because it spans globally and is open to a larger total pool of buyers. Also, as emerging markets become richer Bitcoin will increasingly become an asset that many millions/billions of people are interested and able to join in on.
These forecasts estimate a $315k-950k price of bitcoin.