How would you valuate Bitcoin?

Hi! 

Similar to other typical McKinsey price factors cases (factors influencing Oil Prices, Real Estate Prices, etc) you should approach it with the supply - demand framework:

Supply factors:

• Volumes of bitcoins mined
• Upper cap on the total number of bitcoins
• Tech specifications of the system (Forks, etc)
• R&D explored innovations - potential to increase the speed of bitcoin transactions to compete with Visa / Master Card
• Speculation

Demand Factors:

• Volume of transactions
• Number of people holding bitcoins
• Availability of exchanges
• Bitcoin adoption by payment systems, banks, sellers
• Availability of alternative coins (Ripple, Bitcoin cash, etc)
• Regulation (Taxation, restrictions, etc)
• Speculation
• Economy and prices for alternatives (Gold, real estate, etc)

Best!