[Description inspired by Jgalt's]
Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
The price of bitcoins has gone through cycles of appreciation and depreciation referred to by some as bubbles and busts. In 2011, the value of one bitcoin rapidly rose from about $0.30 to $32 before returning to $2. In the latter half of 2012 and during the 2012–13 Cypriot financial crisis, the bitcoin price began to rise again, reaching a high of $266 on 10 April 2013, before crashing to around $50. On 29 November 2013, the cost of one bitcoin rose to a peak of $1,242. In 2014, the price fell sharply, and as of April remained depressed at little more than half 2013 prices. As of August 2014 it was under $600. Bitcoin prices reached a new apogee in December 2017, at just shy of $20,000 per coin. Then, prices fell to a local minimum of circa $4,500 per coin, in December 2019.
In December 2020 Bitcoin has reached a new all time high, with its price breaking the $24,000 mark.
When will 1 bitcoin be worth $1,000,000 USD (adjusted to 2020 USD) or more?
Resolution should cite credible press reports in the financial media, or information from a cryptocurrency exchange or trading platform, that one bitcoin is valued at $1,000,000 USD adjusted to mean 2020 prices at any time before 1 January 2100.
Inflation adjustments are to be made with common US CPI, such as FRED's Consumer Price Index: Total All Items for the United States.