The big thing we are not seeing is more people using bitcoin.
Sure, it seems to be the next best (or better) thing to gold,
but until it starts flowing, we will never see ultra high valuations.
Clif High made statements that $100,000 bitcoin is where purses started opening and people started buying stuff with bitcoin.
The other pieces are that any scare in the monetary system could instantly drive bitcoin prices past the moon.
So... when financial collapse? (same as when moon?)
Honestly, I don't really see it ever being widely used as a currency. Not in its current iteration at least. Even at $100k BTC, people will be holding for $200k BTC as opposed to buying things with it. Gold is a $9 trillion dollar market, bitcoin is less than $200 billion currently. It could basically go up 20x from here and only capture the current gold market... It has plenty of runway even if it is never widely used for payments. There are many other things owned as a store of value as well that isn't included in the gold market that bitcoin could also dip into. Things like other precious metals, real estate, collectibles etc etc etc.