I think the change is a lot bigger that Bitcoin will reach 1 million than that it goes to 0, the financial system as it is is broken for a long time already.
Bitcoin has no intrinsic value. It is not backed by central authorities.
Fiat has no intrinsic value as well, it only has the trust of the people using it, and it's not backed my anything since the decoupling with gold.
I would even go further and argue bitcoin has more intrinsic value than anything else. Physical properties have some use, but they also have higher risk of being stolen, confiscated, and damaged by natural events.