I dont think this could happen unless a whole load of people jump on the mining wagon because at the moment if a mner manages to hit a block solo then that would mean stright off the mark hes made himself 1.25 million. And since the cost of mining a block is nowhere near that the only thing that could happen is mining would increase.
Your right, stable Bitcoin price roughly equeals to the electricity spend to mine it. But luckily, every four years we have halving where miners basically only get half of the coins.
It means such high Bitcoin prices are possible after many Bitcoin halvings, indeed, I mean if Bitcoin still remain number one choice out of all cryptocurrencies as well. But if Raoul Pal said its realistical after twenty or more years, it could be not so interesting to many anymore I guess. Plus the risk Bitcoin might not have such dominance in useability among cryptocurrencies after 20 years anymore, and when I hear small blockers to just use other coin for lower value transfers instead of Bitcoin, this is very likely scenario.