The paper (titled "Bitcoin decrypted") did not give a price target for bitcoin, reads the report by Business Insider.

But in a section titled "Attempts to Value Bitcoin," Faucette described why it is so hard to ascribe value to the cryptocurrency. It's not like a currency, it's not like gold, and it has had difficulty scaling.

Read alsoBitcoin tumbles below $13,000 as investors face 'reality check' - Bloomberg"If nobody accepts the technology for payment then the value would be 0," Faucette suggested.

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Of course, even if bitcoin can't be used to buy goods it is still largely exchangeable for fiat currency.