You and me like to think in terms of BTC only, but unfortunately the whole world doesn't.  I've already seen this scenario play out twice now. Once in the price jump from the 10's to the hundreds in March, then again from the hundreds to the thousands.


The evil fiat price rises and the whole world notices.
A bunch of new miner come online to take advantage of the profit to be made from the higher BTC price.
Difficulty rises.
Existing miners get either squeezed out or must re-invest to keep up the mining arms-race to stay profitable, but are never able to mine the same amount of coins as they were in the past.

We are in a risky situation.  If we get another 10 bagger in the next 6-12 months, the 315 Bitcoins owing will be millions in fiat.  

What's the seat price going to do when NastyFanClub owes 1.6 million in Bitcoins?