Ledger co-founder Eric Larchevêque said a future where Bitcoin trades at $1 million, or even $10 million, may not be a healthy one. Wu Blockchain said he made the remarks in a June 25 interview with When Shift Happens, framing the target less as a bullish milestone and more as a warning sign for the global monetary system.
His point was blunt. A very high Bitcoin price, in his view, could come with war, fiat currency failures, debt strain, and social unrest. That shifts the familiar “Bitcoin to $1 million” debate away from pure adoption optimism and toward a macro reading in which price appreciation reflects fear and loss of confidence as much as demand.
Bitcoin framed as a final settlement asset
Larchevêque said Bitcoin has limited use in a perfect world because people would not need it. He argued that the asset becomes more relevant when trust in banks, currencies, and governments starts to weaken.
He described Bitcoin as a final settlement asset and a tool for protecting wealth. That lines up with a long-running Bitcoin thesis: direct ownership matters most when access to money becomes uncertain. He also noted that Bitcoin does not carry the same meaning everywhere. For people in Iran and France, he said, the asset serves different purposes because local risks are not the same.
The comments drew added attention because of Ledger’s place in the custody and private-key security debate. Larchevêque co-founded the company in 2014, and Pascal Gauthier later became CEO. Against that backdrop, his remarks landed less like a price forecast and more like a statement about why self-custodied assets gain importance under monetary stress.
Same price target, different macro interpretation
The source material also pointed to recent crypto.news coverage connecting Bitcoin demand with broader debt pressure. In one report, Bitwise linked interest in Bitcoin to rising sovereign debt concerns and stress in bond markets. It also said global borrowers face a heavy refinancing calendar in 2026, keeping attention on fiat liquidity and central bank policy.
That has produced two readings of the same $1 million target. According to the report, CZ still believes Bitcoin can reach that level over the next decade, which fits a long-term adoption narrative. Larchevêque took a different angle. For him, a rapid move to that price may say less about crypto strength and more about visible weakness inside the fiat system.
ETF outflows and on-chain accumulation split the market
Near-term trading has also been shaped by exchange-traded fund flows. Crypto.news reported that U.S. spot Bitcoin ETFs recorded heavy outflows in June, while large wallets accumulated roughly 270,000 BTC during the same period of weakness.
That split has kept the market cautious. ETF investors were cutting exposure, while major on-chain holders were adding to positions. The same coverage said Bitcoin rebounded to around $61,700 after ETF inflows ended a 10-day negative streak. Analysts cited in that report said BTC would need to reclaim $62,800 and $65,000 to confirm a stronger recovery.
Larchevêque’s remarks add a more guarded tone to the $1 million Bitcoin conversation. The target remains popular, but his version of the thesis is clear: if Bitcoin gets there quickly, the move may reveal stress in fiat money and sovereign finance, not just strength in crypto markets.