I've been following this thread for some time and think its wonderful work.

However, in my opinion atleast, the $1 million maximum price is too conservative.
Based on the assumption of Bitcoin supplanting all government currencies alone, which on last check M2 was ~$60 trillion would imply a BTC price of about $3 million each.

Now, where it really gets interesting is if you start to factor in that monetary inflation has been pretty out of whack since the late 90s (or arguably since 1971 after the world went off the gold standard), fuelling the Dot Com/Housing bubbles and more importantly, altering people's saving/investment behaviour. Almost any productive individual today (below 50) has lived their entire lives watching prices of almost everything around them go up consistently, whether it be groceries, houses, stock market, PMs. Even though the majority may not understand the nature of inflation or what causes it, they do understand that saving money in the bank is inferior to "investing" in other asset classes. "Investing" because most of them do not actually invest based on fundamentals but buy the said assets simply because they have shown to reliably appreciate year after year in nominal terms. Many of these "investors" think they are making good investments when they watch their nominal portfolios rise when infact all they have discovered is an asset to hedge against inflation.

Before 2008, the majority of people who were risk adverse may have been content with keeping money in the bank and losing 3-5% in inflation year after year in return for less risk. However after the Lehman collapse and the onslaught of QE/money printing around the world, monetary inflation rates have exploded and asset classes like equities, bonds(it would appear only CBs are buying this) and real estate have kept up with the money printing. It could be argued that since 2008, fiat has been reduced to merely a transactional and immediate liquidity needs type of asset for more people than ever before. Real Estate(see China ghost cities), equities and PMs have now taken over the additional role of long term store of value and are therefore vulnerable.

Vulnerable to Bitcoin, which with its dual properties of being an excellent transactional currency and store of value.
Consider the following:

Global M2  ~$60 trillion
Offshore wealth   ~$30 trillion
Speculative Real Estate  ~$30 trillion??
PMs ~$8 trillion

There are valid arguments to be made that Bitcoin could draw capital from all of them to a significant degree. If we assume that Bitcoin replaces all fiat and subsumes 50% of the other assets, we are looking at a maximum valuation of $4 million to $5 million in today's dollars.