There are about 10 trillions USD between circulating, vehicles, etc. There will never be more than 22 millions BTC, if every will value 1 million USD, then it means that there will be an equivalend of 22 trillions USD.. which of course doesn't make sense. Best "reasonable" target price for a BTC is 50K more than that it's just a dream...
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Except in 10 years there actually will be 20 trillion.
Accounting for inflation yes. I think Jeff said in today's money back when he made the prediction. There's still quite a bit more fiat than just USD floating around though. It's also possible that he made the rough estimate assuming zero inflation in BTC as well. Not necessarily intended to be super accurate.
Ok, but again the usd represents a whole country of millions of people with their market, institution etc etc.. bitcoin is a virtual token with an immutable database. In my opinion it doesn't make sense to value a technology so much, but of course I will hodl one for 10 years and see, happy to be wrong:)