Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?
(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.
$1m per coin in just 2 years would mean there are a lot of problems in the world economy and that a million wouldn't be worth much imo.
1 million in 15-20 years would be some kind of natural growth where I assume it would be worth something. But such a value in 24 months would be a catastrophe. So I'm talking about very strong inflation here. Therefore Bitcoiners wouldn't be the new super rich class.
I agree hyperinflation can happen globally. Even if you are holding .30
you can now be considered a millionaire by some countries. If a lot of cryptocurrency holders become millionaires in just 3 years the value of fiat would diminish as Bitcoin hitting a million dollars or even near it will make easy money for this holders and would basically devalue fiat right away. But realistically speaking what would trigger BTC to go up that high? The only situation I am thinking of possibly is all of the fiat currency has faced devaluation which I think isn't possible as the value of their money is a reflection of their economy and as of right now I don't see any major threat on the global economy.