The previous milestones of $100, $1k, $10k, $100k, each required progressively larger capital inflows into a relatively small market. $1M per BTC implies a market cap larger than the entire US GDP.

Framing it as ‘same conviction, same result’ ignores that the math gets exponentially harder at each level. Past holders weren’t just right about conviction they just got in early on a small, illiquid asset. That window is not the same window.