No, the clearing price is determined by the exchanges. The value is the net benefit (including future benefit) that it provides. McDonalds creates value by pr

No, the clearing price is determined by the exchanges. The value is the net benefit (including future benefit) that it provides. McDonalds creates value by providing convenient and consistent hamburgers, and entry-level jobs. Bitcoin, I've been told, creates value by allowing easy transfer of funds. Thus the value of Bitcoin should be based on how Bitcoin transaction costs and externalities (lack of regulation is both a plus and a minus) stack up against other money transfer systems.