Many of bitcoin supporters measure BTC’s value in fiat currencies (e.g. how many USD can BTC buy). I, however, think that the true measure of BTC’s value is in BTC total money supply (not to be confused with BTC monetary base = 21,000,0000). Hence, more bitcoins in circulation = greater bitcoin’s value.
Essentially, I see 1BTC having a potential value of 100,000,000BTC (based on 1BTC’s divisibility to 0.00000001). However, this can only occur if bitcoins are used to buy bitcoin-denominated goods/services, not currencies. Therefore, it’s safe to say that current USD/BTC rates are simply the result of market makers (i.e. those who run the most popular BTC exchanges) successfully manipulating the herd mentality of the masses.