what if blockchain is the main monetary asset, What would happen? Part-II

The issue of comparing bitcoin to money is hampered further by the fact that there is no one definition of money. Should bitcoin be likened to central bank paper money and reserves, M0, or on-demand money, M1? Will bitcoin then have the same velocity as today's money? As a first approximation, imagine we utilize on-demand money, M1, for the fiat-bitcoin comparison, and that they have the same velocity. The total amount of M1 money in the G20 nations is $31 trillion, which indicates that M1 money can purchase $31 trillion in products. If the price of bitcoin rises to $550,000, bitcoin holders will be able to purchase $10 trillion in products.
If bitcoin eventually equals the purchase power of M1 money, a single bitcoin will be worth $1.5 million. These are very preliminary estimates, but a full displacement of fiat money would put the price of a bitcoin somewhere around a million and a half dollars. It makes little difference whether it is a million or two million for the sake of this debate, but success means that the price of bitcoin will be much higher than that. This raises two intriguing questions. What happens to bitcoin holders? And what about the rest of us?
To begin with, existing bitcoin owners will become the wealthiest individuals on the planet, rivaling the kings and emperors who ruled over empires centuries ago. They will literally own all of the money. They can buy everything they want. There aren't a lot of them. It is a small number of people when compared to the vast majority of people who hold assets today through pension plans, mutual funds, and the like. As a result of bitcoin's development, a significant increase in inequality is unavoidable. And, unlike today's wealthiest individuals, such as the Jeff Bezoses and Elon Musks, whose fortunes stem from the creation of enterprises that benefit the majority of us, the bitcoin aristocrats will achieve their position simply by purchasing early.
What does it imply for the rest of us when the bitcoin aristocracy start spending their trillions? We do know that high inequality breeds social discord and populism. The bitcoin aristocracy will face increasing pressure, and the government will be forced to act. It will either defend or attack; it cannot be neutral. Political and social instability worsen in either case. If bitcoin investors respond by saying that everyone should purchase bitcoin, the price will rise even more, making existing bitcoin investors even richer. What about the rest of us who don't have access to bitcoin?