Morgan Stanley analyst James Faucette and his team sent a research note to clients a few days ago suggesting that the real value of bitcoin might be... $0, according to Business Insider.
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
Of course, even if bitcoin can't be used to buy goods it is still largely exchangeable for fiat currency.