I just happened to see an article in Cointelegraph which told about a prediction that bitcoin could go up to $250,000 by 2020.
For some weird reason nobody seems to be doing any back of the napkin calculations. So let's do one to see what would happen.
We need just to check what will the block reward be in 2020. Bitcoin-wiki says it's still 12.5 BTC per block, like it is currently. That means there will be 12.5 * 6 * 24 = 1800 new bitcoins created every day.
If the price of one bitcoin is $250,000, then the Bitcoin network will be paying $450,000,000 every day for miners (plus some transaction fees).
Because the economic incentive is enormous, that will attract big corporations to use every way they can, to capture as big market share as they can. Amateurs are probably going to be so inefficient in their mining that they won't have a big impact. So that will lead to centralization of hashing power.
Another point is environmental. Because the mining markets are highly competitive, nobody can make huge profits. That means most of the mining rewards will be used to pay for electricity and mining equipment. Because there is so much money involved, lifetime of mining equipment will be very short because mining companies will spend huge sums of money to design and produce better equipment.
Why aren't people seeing how destructive Bitcoin will be, if it becomes very popular?
It will be so centralized that cryptoanarchists can't see any value in it. It will be an environmental catastrophy.