In the US the IRS has stated that Bitcoin is considered property. Putting a value on any property is determined on supply and demand, quality, etc.

My thoughts about Bitcoin being purchased with fiat US dollars makes the pot of soup diluted in value. I know the US dollar isn't the only currency that is purchasing the cyrpto's, but paper money is worthless, thus buying anything with paper money puts any real property value difficult.

An interesting concept could be local state or area control where a coin is created with property for property purchase. The example would be gold, silver, cars, guns, food, etc traded for crypto currency, thus property for property. Paper money which then government can't directly buy into crypto's and only the people can buy and no government is allowed to.