The sentiment in 1 btc = 1 btc is that the value is in bitcoin, and the dollar or euro exchange rate for 1 btc doesn't matter in the long run. The current exchange rate doesn't change the percentage of the fixed btc cap you have.
Discussion
Almost all bitcoin has already been mined, and is owned by a tiny minority of the world population. How do you figure it’ll be distributed evenly such that exchange rates don’t matter?
I said in the long run. Bitcoin will be distributed over time through use and yes, outright selling for fiat at an exchange rate. That exchange rate will continue to rise over time. I don't see the USD or Euro surviving in their current forms much longer. It will take some type of miracle for them to go more than 7-10 years without some type of devaluation or conversion. That conversion process won't happen to bitcoin.