Diminishing returns my friend. Much easier to do a 500,000% at a market cap value of 500 million to 1 billion than it is at a market cap value of 1 trillion. That’s why each bull market is smaller and smaller on a percentage scale. Even with the insane amount of leverage we had this bull market it was still the smallest bull market we’ve ever had.
Discussion
Everything that happened did while there was hardly any bitcoin adoption. I seriously doubt we will experience lower returns during mass adoption phases.
After all, this is the first time in history that we're dealing with an absolutely scarce asset, that can also be used as money among other things.
Like Saylor said, "all your models are destroyed".
Keep in mind though BTC halvings were much much larger in the past. This is why Shitcoins have much larger gains percentage wise in bull runs it’s due to their small market cap. Doesn’t mean their adoption is better than BTC or their tokenomics are better. Even Bitcoin $1,000,000 will put us many times above golds current market cap that took millennia to obtain.
I’m not saying Bitcoin will never go above 1 million a coin. Just being realistic, it won’t do it in such a short time frame such as a decade. Much less 10 to 100 million a coin.