$500,000/BTC is very close to the point where the market cap would equal the market cap of gold. At least in today's dollars. I really don't see any scenario where we could go higher in real terms. Of course, we could (probably will) have runaway inflation of the USD. Such could result in a dollar price above this, But I personally don't see a scenario where the totality of bitcoin becomes valued as higher than the totality of gold.
I'd be happy to be surprised in this manner, however.
It seems strange that you want to intellectually (and theoretically) limit the growth potential of bitcoin based on another artificial value construct.
Maybe I don't understand your manner of speech. I don't want to limit it. I just don't see what would drive the total value of Bitcoin -- as seen by the world at large -- past that of gold. Maybe. I've just not envisioned how that might occur.
Well, isn't it the same thing if we call something a "theoretical limit" or if we say that we "cannot imagine any scenario in which"? there is no need to get caught upon semantics, and if you cannot envision such scenarios, then so be it.
No matter what $500k per bitcoin does seem to be quite a way into the future, even if it were to occur. $500k per BTC would have to go through considerably more levels of adoption and even to sustain decent periods of price support at lower levels... From here, I can imagine such 10x and then another 10x.. and then another 10x taking place in a matter of less than 3 years in a kind of best case scenario, but yeah, I certainly am not relying on any kind of $500k scenario in order to be happy because I have already done quite well for myself with BTC prices approaching $5k, and even with BTC prices at $1k, I would be in a decent position and beyond the price performance of any traditional investment that I have gotten into (such as various index funds - that seem to perform at about an average of 6% annually in the best of longer term scenarios)...
So currently, there seems to be a lot of cushion in BTC prices for those of us who have been into BTC for a while - but still it seems that we could even experience more wealth appreciation, and we are going to have to consider various means in order to secure our holdings for these possible very bullish scenarios that seem a hell-of-a-lot more likely now, as compared to a couple of years ago when we were stuck in the $200s for nearly a year.
Whether $500k btc happens or not, it sure is nice to already be decently into this baby and decently into profits, no?
For people newly coming into bitcoin, I have been recommending similar strategies of some variation of dollar cost averaging - however, the more probable that one believes $500k, the more willing that the person might invest a bit more aggressively now or upon any price dips.