Scarcity of bitcoin combined with rising number of holders will eventually increase volatility. The imbalance between traditional assets and bitcoin is just too big.

 For instance, imagine that there's just around 2.5m BTC available on exchanges right now, but there are many billionaires. What if a few billionaires decided that they want to buy $500m? That would be what? 5k BTC each? The entire daily volume on Coinbase is $250m, so a single billionaire buying spot bitcoin could easily double the volume of the largest exchanges, leading to supply shortage and very high prices.

Bitcoin at this point could easily go to $300k in 24h if someone rich like Bezos or Musk wanted to pump it.