Editor’s note: This article is the third in a three-part series. Plain text represents the writing of Greg Foss, while italicized copy represents the writing of Jason Sansone.

In the first two installments of this series, we reviewed many of the foundational concepts necessary for understanding the credit markets, both in “normal” times and during contagion. To conclude this series, we would like to explore a few methods by which one could arrive at a valuation for bitcoin. These will be dynamic calculations, and admittedly, somewhat subjective; however, they will also be one of many rebuttals to the oft-suggested claim by no-coiners that bitcoin has no fundamental value.