I've never fully understood the "it's too early" vs. "it's too late" argument when it comes to Bitcoin.

Unlike assets that can be endlessly created, Bitcoin has a fixed supply cap. Yes, there are still coins left to be mined, but miners aren't getting them for free—they're spending real money on electricity, hardware, and operations to earn those BTC.

If Bitcoin's supply is limited while adoption and demand can continue growing, what exactly do people mean when they say it's "too late" to buy?

If the argument is that Bitcoin won't produce another 100,000x return from here, that's understandable. But if the claim is that Bitcoin has already reached its full potential and won't appreciate significantly over the long term, I'm struggling to see the logic behind that.

What am I missing? When people say it's too late for Bitcoin, what's the actual reasoning?