At some price level, exchanges will start to have troubles when enough people want to cash out their Bitcoin as banks monitor large transfers... Even if some exchanges have maximum withdrawal limit, people still can sell their Bitcoins for FIAT and then on consecutive months withdraw as much as the exchange's monthly maximum withdrawal limit is...
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I don't need an exchange. HODL wallet -> european crypto/fiat broker -> bank account.
This broker has a monthly withdrawal limit of €5million after KYC.
Even the crypto/fiat brokers need banks to credit the FIAT to user's bank account... A lot of crypto users don't trust brokers.
I don't think that will be a concern for some time...
At some point Bitcoin will be worth so much that when people sneeze, big chunk of value of USD will go poof and that makes value of Bitcoin against USD will go way past moon...
I was looking at BTC-EUR exchange rates on some exchanges and 1 Bitcoin was worth more in EUR than whole market cap of Bitcoin in USD. People don't trade that much BTC against EUR so the exchange rate doesn't normalize.