Well, someday it will be $1M and then the next would be close to that $5M and maybe finally Hal's thoughts about it being $10M. There is so much wealth to the world that haven't distributed yet and it might be through Bitcoin soon.
I don't think the likelihood to reach $5M is very high.
Volatility of Bitcoin is dropping, but mostly bull markets are now less steep, while our cyclic crashes still lose around 70% or more.
In 2012-13 we had a run from $2 to $1100 (about 50000%), in 2015-17 we went from $150 to $19000 (more than 12500% but already less than in 2013), and in 2018-2021, "only" from $3000 to $69000 (2200%).
Note the decreasing percentages? I don't think the cycle high in 2025 will be higher than $200,000 (which is a very optimistic prediction); then our run would have seen around 1300% (from the $15000 "FTX crash" price low).
I agree to you that the bull run is getting lesser every cycle but also means stability for Bitcoin. I have no idea and got no numbers in my mind on when we shall see those numbers but I believe that it come. Although I am still optimistic that this bull run and year with an amazing run but if we'll base it on the percentage gains every cycle, it is truly dropping.
And "wealth" isn't something that abstract. Wealth is mostly based on work and resources. Bitcoin cannot solve resource distribution problems on its own, it's only a currency (besides of the little work/resources created by the "crypto industry"). It can perhaps help with some tasks though, see
this thread for an example.
While that makes sense about the resource and contribution that it can do as a currency. But many of us are looking on it already as a store of value and an asset. And with its years of performance and volatility, that's make everyone of us believes that there's gotta be more from how much it is right now through it having a limited supply and the world is shifting into digital economies.