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How Do Classical Economic Theories Value Bitcoin? This article by Andy Chan, Andy Chan from Human+Business.com. Read: How do classical economic theories value Bitcoin? How do you know what makes it worth $19,783.06? Bitcoin is backed by nothing, controlled by no one, and its value depends on the consent of currency users rather than commodities and standards. Bitcoin was created with fiat characteristics. Yet, no one ‘owns’ bitcoin, in the governance sense, and economists and financial experts think: who actually gives it its price?