2. $10,000 -- Oh shit, we didn't innovate technologies using the Blockchain fast enough and hyperinflation is here now (judging by how fast things are moving ... ethereum, bitcongress, NXT, Mastercoin, ColoredCoin, OpenTransactions, BitMessage, Protoshares and so much else)... I'm getting less worried about this option as well.
Deflation. Inflation is what fiat does. Bitcoin itself is technically inflationary until the last coin is mined, but adoption means the value is deflationary.
I think he's referring to a potential global economic collapse devaluing fiat currencies to where BTC is $10,000 each with the fiat being hyper-inflated.
He was commenting on the rapid innovation using the blockchain that will sustain the utility of BTC under any circumstance.