Comment by proofofanalysis

Bitcoin's value is connected to the costs to continuously mine it and consequently keep the blockchain intact and secure.

These costs include electricity, mining equipment, personnel, and warehousing.

As with normal equity valuation, these costs would be transparent, allowing for valuation to take place.

Since Bitcoin is decentralized and its "employees", or miners, are disparate; costs are not known.

This information asymmetry is one cause of Bitcoin's unbounded price discovery.