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.
basically. But in my view only those experts will become millionaire if that times happen which is those who are expert doing technical analysis in specific ways. 'cause most new holders nowadays always panic sell when there's a temporary scenario because of being have no enough knowledge how to observe the pattern of growth rate in the graph so that they can build new Strategy or even to prevent panicking.
Considering that bitcoin has indeed, reached the price of $1,000,000 by 2020, there will be an influx of individuals who will become millionaires ASSUMING that they stored and kept their bitcoins and aimed for this situation. Like what you mentioned, a lot of individuals panic-sell their cryptocurrencies whenever its price decreases (due to various reasons like government prohibition and bans, etc.). Instead of turning the scenario into an opportunity to gain more, they see it on a negative aspect wherein they sell their coins and create threads about the doomsday of bitcoin.
Again, inflation may occur depending on the scope of individuals it covered per country. Assuming that countries will continue the utilization of bitcoin and it is legally acceptable relatively, a sword of Damocles would hang in the value of fiat. Individuals would aim to acquire bitcoin- ultimately decreasing the value of fiat and gold (which dictates its value per country).
I doubt that this would happen since government intervention may occur before this happens. Banks would predict this kind of outcome and will respectively create contingencies to prevent this situation from happening.