Attempting price/earnings analysis here is not sensible, because bitcoin is not a stock: simply owning some doesn't earn you any "dividends" (mining rewards).

Attempting price/earnings analysis here is not sensible, because bitcoin is not a stock: simply owning some doesn't earn you any "dividends" (mining rewards). A better parallel is gold, which is a store of value that produces nothing of value for its owners, but is valuable because the supply is limited and there's a collective belief that this shiny metal is worth much more than its practical uses. Bitcoin is going up because of those same properties. If supply ever becomes unlimited (say, there's a critical bug found), or its investors lose faith, it will crash.