Where would the money come from? Wall Street ETF's, large companies adopting it, use world-wide, just to name a few things.
My point is that the order of magnitude from pennies to $1000 is less than $650 to $1,000,000 so in theory it should be possible. But yes, it will take more cash but there are way more players in the game too.
I am not that optimistic. Large investment funds are regulated by governments, there are strict rules what they can invest in, I don't believe they will ever be allowed to invest in crypto currencies, because crypto currencies is a direct enemy to governments' fiat currencies. Don't overestimate that California governor's legislation, that law doesn't mean investment funds are allowed to invest into Bitcoin, far from it.
Large companies selling stuff for Bitcoins sell Bitcoins back for cash which they need to cover their expenses, so they are a non-event.
China has the largest savings rate in the world, but China banned Bitcoin, and the western world's savings rate is negative, meaning there are more debts than savings. India, another country with a high savings rate, loves gold on their women, they won't embrace Bitcoin on a large scale either.
So I just don't see where that kind of demand would come from. The only way it can go to $1 mln. is a hyperinflationary scenario, but that million wouldn't go a long way in that scenario.
Crypto currencies are direct enemies of fiat, make no mistake, this flirting with 'allowing' crypto currencies in some 'liberal' western countries is just that, flirting. They will ban it overnight if the need arises. 
