Or the formula is just wrong. Take the Microsoft stock for example. It started low and reached an high about 15 years ago. So if we draw a line it should be in the thousands today. But it is lower.
15 years ago microsoft released its last new OS. Since then they've been milking an increasingly aged cow. Bitcoin has penetrated less that 1/10000 of its potential market -- less, if you multiply by the number of use-cases already invented, and much less if you multiply by the number of use-cases not yet invented. Bitcoin today is better compared to microsoft in 1984 than microsoft in 1999.
1984 Microsoft was pre-IPO. It had been in operation for a little over 5 years. If you charted its pre-IPO price, you would find the volatility was comparable to the current volatility of bitcoin.