And mining CAN'T expand by an order of magnitude to drag cost of production up or it would use more power than the entire United States.
Hyperstagflation is coming over the next decade.
Increases in price of everything we need to use, deflation in price of everything we used to buy with debt.
Additionally $200+k would be a peak price after the halving so the cost of production would be halved. And indeed maybe every old ASIC would be incentivized to mine that peak, but the rest of the people will have to buy BTC because there is a limited supply of ASICs.
Wth the $1 million peak probably not until after another or two more halvings after 2020, thus 1/4 to 1/8 of the production cost required by that juncture.
P.S. Its the limited supply of ASICs that makes the Core SegWit donations attack even more viable.