In that case, a bitcoin IOU won't be worth nearly as much as a real bitcoin. Do you remember gold backed US currency? It use to be a gold IOU.

Thats how it should be in a free market, but even today a $1 note is worth the same as a virtual $1.
If you are forced to accept IOUs as settlement of debt, then it's worth the same as the real asset it's supposed to represent as people can just not pay up in actual BTC and settle the debt later on with IOUs.

An increased value of actual BTC could be the case if people predict the system to fail soon and want to get something they can use even after that happened, but that would take lots of time and by them bitcoin would probably have been replaced.

Personally I value real gold a lot higher than gold IOUs (which I think aren't worth anything as it's well known there not enough actual gold to pay up on them) but most people think it's basically the same as they are told it's backed etc.
Fortunately we are seeing a shift in that mentality. It's slow but it's there. However, if we let bitcoin IOUs become the norm regarding bitcoin payment processing, we won't get out of the system. And it's not like thats far away. it's been done for quite some time by Gox and it's highly likely there are others doing the same as we speak.
Why wouldn't someone print free money if he has the option to do so? This is a scary scenario, I know. But it is what can happen and it is what people will accept as a given if marketed correctly and there is no counter pressure.
We have to be extremely careful in that regard these days. We as early bitcoiners owe our children a system that is a lot less corrupt and a lot more enjoyable than todays system. We have done a great job with the basics, now it's out job to not lose the free currency we all came to love. It has been done once with the Internet, the free speech channel and it can be done again.

It might not be what it means, but it is what is almost inseparably linked with bitcoin becoming a world reserve currency and since the OP was asking for the price of a bitcoin then, I might as well take into account the major factors for it.

Okay what i meant was,my country actually buys a lot of dollars and keeps it in reserve, whenever the INR gains against dollar the reserve bank buys even more thus maintaining dollar ruppee at a range of 1dollar =60 rupees.

That reserve is actually to bail out in case a balance of payment crisis arises, which actually happened in 1991 and ever since became trapped with that loan shark IMF.

So i was actually suggesting instead a country throw that dollar away and buy bitcoin as reserve, as the value of bitcoin rises the foreign exchange reserve value also rises, thus greatly to benefit the nation.

The established system will bring great violence before control is relinquished.  That's a given.

It can only happend if they used btc for buying oil

If these currencies are so valuable and doing so well then why is everyone poor? Answer me that, the symptoms we are seeing in the currencies and countries you mentioned are not ones of a functioning economy.

I can't imagine Bitcoin will ever become a reserve currency, I just see this as a new protocol for entities to implement within their businesses. Similar to how email's protocol SMTP was built ontop of TCP/IP. This was built ontop of TCP/IP to serve as a protocol for wealth transfer and storage.

Sorry, you're right on the poor thing, not everyone is poor but most are.

Oh and LOL you think that number is real, I'll try to explain it to you though if you're going to actually read my explanation, what's happened is that what I would call the 'real' net wealth is essentially being doubled or tripled through money printing so it's a bit like taking £100 and then printing more money until you have £1,000,000 oh look! I just became a millionaire! They go around telling all their friend and other countries and they actually buy into it.

It's such a simple con that people fall for, but now everyone has realised what's going on and that people don't actually have products and services worth that much, fact is, to pick up that much net worth globally we'd have to either take up asteroid mining or take over Afghanistan completely and mine some giant holes in it to even come close to the numbers these central bankers have made up.

If you're actually bothered about learning how the bond market and paper money works this video explains it perfectly: https://www.youtube.com/watch?v=iFDe5kUUyT0