Please click the link and vote - it is only for 24 hours.
Right now it seems most people voting think that BTC is undervalued and should be worth more than $5K USD.
My Thoughts
Here are my main thoughts on why I think the current price is low. Obviously these are subjective and you may disagree with them.
1. Security:
Despite it's problems bitcoin is the most secure blockchain. That makes it harder to attack and more trustworthy since it is almost impossible (or getting to be) to carry out attacks which falsify transactions, double spending etc.
2. Real world effort:
A considerable amount of real world money, energy and infrastructure goes into mining it. In a sense that creates a certain base level of value.
Bitcoin is the primary gateway to other cryptocurrencies.
3. Branding:
Bitcoin is arguably the only cryptocurrency "brand" that has recognition in the real world.
4. Community:
Bitcoin probably has the largest community backing - you would be hard pressed to find someone who is into cryptocurrencies who doesn't support it.
5. Segwit 2X:
It seems likely that Segwit 2X will now pass. This won't solve the scaling issues forever but will help.
6. Gateway to the Crypto World:
Bitcoin is the primary gateway to all other cryptocurrency tokens and investments - and it will likely stay that way for some time. If you have no other cryptocurrency and want to buy "Token X" you will in most cases need to buy Bitcoin first.
7. Scarcity Without Some of the Disadvantages:
Bitcoin is very scarce compared to most other cryptocurrencies and monetary systems. Yes you can divide it up into tiny units without problems but that does not take account of how people psychologically deal with numbers.
Further even at it's slowest, bitcoin is infinitely easier and faster to transport than commodities like gold.
You can also secure it and hide it more easily than physical money or gold - reducing (but not eliminating) the risk of being robbed.
Conclusion
IMO opinion the BTC value car has a long way to go!
It is very subjective as to whether you believe that the current valuation takes these factors into account or not (even assuming you do agree with them).
Overall I think Bitcoin will be around for the foreseeable future.
From that perspective and with the limited total tokens (21m) simple demand will mean that valuations in the millions of dollars per token are feasible eventually.
That is pure speculation on my part but I believe that it is within the bounds of possibility and given that it is so, it should have an impact on the current price too.
@pedrombraz ) I stated that I think Bitcoin at its current price of around 2.5K USD is undervalued.
