Editor’s note: This article is the third in a three-part series. The plain text represents the handwriting of Greg Foss, while the italicized copy represents the handwriting of Jason Sansone.

In the first two installments of this series, we reviewed many of the fundamental concepts needed to understand credit markets, both in “normal” times and during contagion. To wrap up this series, we’d like to explore a few methods by which one might arrive at a bitcoin valuation. These will be dynamic calculations, and admittedly, somewhat subjective; however, they will also be one of many rebuttals to the claim often suggested by non-coinmakers that bitcoin has no fundamental value.