First of all I have to point out that I'm a total noob on the subject of economics but I am eager to learn more.

If I have understood it correctly the value in USD of 1 BTC is determined of how much USD poeple are willing to pay for 1 BTC, right?

Well, I'm Swedish so it makes more sense to me to know the value in SEK since I'm more familiar with it.

Right now, according to bitcoinwatch 1 US dollar is worth 1.35 BTC.

And 1 USD is worth 6.30 SEK

Hence, If I'm not mathematically retarded, the value of 1 BTC = 4.67 SEK. I tried to do the same thing using Euros and got the result 1 BTC = 4.74 and my guess is that I would get an very similar but a slighty different result if I tried to do the same thing using Russian ruble or pure gold.

As I see it, this can be used as a close approximation for me to get to know of the value of a bitcoin in SEK.

But is it really meaningful at all so speak of a value of BTC in SEK if nobody are buying bitcoin with SEK? If, as I guess, the actual value is determined by the price. ( I, for example tend to convert my money to USD to buy bitcoins.)

But my method of approximating the value have the obvious flaw that even though the relationship between the value of BTC and USD the value relationship between USD and SEK can fluctuate which makes it kind of "wrong" and unstable.

I'm wondering if there exists a way to calculate the value in a bettter and more accurate way? Or is it simply impossible without anyone buying BTC with SEK?

As I said before I know very little about economy and would gladly appreciate any help on this matter. I would also like to know more about currencies (and how you convert between them and so on) and if someone has any good book to recommend I would be grateful.