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 reported that he made the comments in a June 25 interview with When Shift Happens.
Larchevêque linked a high Bitcoin price to stress in the global money system. He said such a world may include wars, fiat currency failures, debt problems and social unrest. His message was not a simple bullish Bitcoin price call.
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He said “a world where Bitcoin reaches $1 million or even $10 million may not be a good one.” The comment placed the Bitcoin $1 million debate in a wider macro setting, where price gains may reflect fear as much as demand.
Bitcoin as a final settlement asset
Larchevêque said Bitcoin has little use in a perfect world because people would not need it. In his view, Bitcoin becomes more important when trust in banks, currencies and governments weakens.
He described Bitcoin as a final settlement asset and a tool for wealth protection. That view matches a common Bitcoin argument: users value direct ownership most when access to money becomes uncertain.
He also said Bitcoin does not mean the same thing to everyone. For people in Iran and France, he said, the asset carries different meanings because local risks are different.
Ledger’s background gives the comments added weight in the crypto custody debate. Larchevêque co-founded Ledger in 2014, while Pascal Gauthier later became CEO.
Crypto.news links debate to debt pressure
The comments came as crypto.news reported on similar Bitcoin and macro themes. In a recent report, Bitwise linked Bitcoin demand to rising debt pressure and bond market stress.
That report said Bitwise sees sovereign debt concerns as part of the case for Bitcoin. It also noted that global borrowers face a heavy refinancing calendar in 2026, which could keep attention on fiat liquidity and central bank policy.
Crypto.news also reported that CZ still sees Bitcoin reaching $1 million over the next decade. His view came even as U.S. spot Bitcoin ETFs saw outflows and Bitcoin tested key price levels.
This creates two different readings of the same target. Some market figures treat $1 million Bitcoin as a long-term adoption case. Larchevêque presented it as a warning about the state of fiat money.
ETF flows keep market cautious
Bitcoin has also faced near-term pressure from exchange-traded fund flows. Crypto.news reported that U.S. spot Bitcoin ETFs saw heavy outflows in June, even while large wallets accumulated around 270,000 $BTC.
That split shows a market moving in different directions. ETF investors reduced exposure, while large on-chain holders added Bitcoin during weakness. The gap has kept attention on whether institutional demand can return.
Crypto.news also reported that Bitcoin rebounded near $61,700 after ETF inflows ended a 10-day negative streak. Analysts in that report said $BTC needed to reclaim $62,800 and $65,000 to confirm a stronger recovery.
At press time, Larchevêque’s comments add a cautious angle to the Bitcoin $1 million discussion. The price target remains popular, but his view suggests that a fast move to that level may say more about fiat risk than crypto strength.
