@$1m BTC only needs $164bn in annual inflows to offset current subsidy. To put BTC into perspective: $270bn of gold is mined every year, gold market needs $270bn in net inflows every year just to tread water. Bitcoin subsidy halves every 4yrs, so net nominal inflows necessary to support a given price also half every 4yrs.
b-but muh industrial demand for muh shiny rock!
We have 500 YEARS of functional demand for gold sitting idle above ground, we mine a DECADE of functional use every year. Manufacturing plays zero part in gold price, other than the ~$25bn in annual demand (1/10 of mining production). Gold still needs ~$250bn/year in net inflows sans ALL functional use just to tread water