Not going to happen. As bitcoin gets more expensive, altcoins will provide the supply needed for the utility of bitcoin (doing business) which will reduce the demand and thus price of bitcoin.
Newcomers to crypto-currency aren't going to want to be part of a system where a select few have incredible wealth, hence why they will opt for altcoins instead of bitcoin.
Time to add another person to the "I don't understand decimals" club.
Currently Bitcoin is the equivalent of the US dollar in cryptocurrency. No one is buying up pesos because the dollar is too expensive - think about it. Yeah, the dollar has its problems, but it's still the most valued and respected currency in the world. As is Bitcoin in the crypto world.
And regarding the select wealthy few, they will have sold LONG before it gets to 3.5 million. You see anyone from the gold rush era holding on to their 1000's of lbs of gold to this day? Nope. Everything has a price, and when it's met it gets sold.