Yeah that is probably what they mean. I don't see a reason to expect it though. I actually thought at the end of 2017 we were at that point (which is why I didn't sell around $20k haha) and I thought after a decent correction the price would just keep going up as we reached the backbone of that S-curve. But after I witnessed yet another normal full blown bitcoin crash I realized that will just keep happening unless we get to the point where use and spending of Bitcoin is way simpler than it was in 2017 or than it is now, since it's roughly the same still.
I think adoption is less about Bitcoin's fundamental improvements and more about people's changing perceptions about the value of money.
As long as the driving thesis behind owning bitcoin by the populace is to make money - whether from a store of value, speculative trading, economic hedge, etc point of view - we're going to continue to see these booms where the market gets way overbought, followed by busts in which a lot of the new people run away and don't return for a few years.
I definitely see no end in sight as far as volatility goes, and until mass adoption actually occurs, I see no end to these speculative market cycles either. However, I think it's important to note that Bitcoin's price is a direct reflection of adoption. So
if that mass adoption scenario occurs, we should expect the resulting price increase to greatly surpass the magnitude of past cycles.
I think FOMO and panic outweigh people's changing perceptions about the value money. By which I just mean the speculative market will continue the boom/crash cycle so there won't just be some turning point where we hit the vertical part of the S-curve and Bitcoin goes from say $50k to $500k and stays there without crashing.
I just think we'll continue to see the same cycles and nothing will be dramatically different, in that every market cycle the bitcoin converts will grow a lot, and more big monied interests will join, but also every cycle most of the new people who bought in late in the bull run that led to the huge price movement will leave out of despair after they lose money on the crash. I also think long term store of value and speculative investment play will remain the main driving market forces, possibly forever, but at least until the market is so large (like perhaps around the market cap of Gold) that its volatility has gone way down and perhaps at that point it will be spent more instead of just to get rich off of, as volatility going down means getting rich is no longer possible but also spending is easier.
Anyway, yeah infrastructure is continuing to improve and there is actual Wall St infrastructure now and Bitcoin is now regularly talked about in finance circles and financial media, but I think all of that was just the natural growth for the point we are at and required to take the next step up from 4 digits being the norm to will into 5 digits being the norm. I don't think people's fundamental ideas on Bitcoin are going to change, but we're just gonna get the normal order of magnitude or so increase in the number of people who have some Bitcoin between say 2022 and 2018.
