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.
I think if Bitcoin some day hit $1m it won't stand long in that level as every holder would like to cash out his earnings (As any millionaire would do) and thus the price would decrease almost in time.As usual,media would start talking about it's huge pump (and potentially spread fud as we are used to),at that stage fiat currency would see a big decrease in value too.
But meh,I don't think countries will let Bitcoin go that far,if you know what I mean