People are dumb, in its current capacity bitcoin will never reach $1,000,000, which is obvious if you have a brain.
If bitcoin cost $1,000,000 then the competition for mining would be RIDICULOUS!
At that price there would be $900,000,000USD worth of mining rewards (not including tx fees) so that would equate to billions of dollars of electricity monthly... certainly not realistic
I'm with you on this. Bitcoin should never get to highly valuated because it massively increases the cost of keeping it running.
Unfortunately when the game is simple everyone plays. The higher the price the more lucrative it is to have your mining rig. You will always justify: well that's cost to guarantee that money safe.
Bitcoin is terribly slow for a day to day applications. However, the more valuable it gets the more people will invest in off chain alternatives(scams included).