The move from conception to now is a lot smaller in real terms than the move that would happen from 27k to a million. Cannot compare it by multiplier imo.

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I buy that argument, but 1 million in BTC in seven years is very possible without really bad things happening. Obviously “diminishing returns” has to happen.

I highly doubt. The amount of bitcoin on exchanges is pretty large despite some bitcoiners dishonestly manufacturing fomo by saying it’s shrinking.