(...) I can only imagine how many cheap billionaires would be easily produced and how that could cause global inflation at the same time. (...)
That's not how things work though. The vast majority of current bitcoin holders would be sold out long before BTC reaches $1 mil mark. Just the same as most of those who got in when BTC was ~$1 have not held until $70k etc.
As for inflation - moving money from one person to another is not really something that would increase it.
However, regulation of the crypto space has started but has not eaten deep into it (...)
What regulations do you mean specifically? People often use that term so loosely that it hardly has any meaning now. Bitcoin has been regulated in most countries for quite a long time now.