How do you all feel about this chart that Fidelity made in 2021?

This chart was made by Fidelity around the 2021 highs. Despite being released before the ETF launches, I still think it is too optimistic, but even a small fraction of these returns would be pretty insane.

I mean, the S&P 500 roughly doubles every 7 years or so. So even if Bitcoin were to “only” hit $1,000,000 by 2035, you would be wayyyy outperforming traditional investments.

It seems to be using the Stock to Flow model, which I have seen been used before, but it still seems pretty optimistic. It also seems to be using (what I assume) is a demand model based on cell phone usage???

Does anybody have any opinions on this chart? Why would Fidelity make this chart 2 years before the ETFs?