Ledger co-founder Eric Larchevêque warned that a future in which Bitcoin trades at $1 million — or even $10 million — might not be cause for celebration, but a sign of stress in the global fiat system. In a June 25 interview on When Shift Happens (reported by Wu Blockchain), Larchevêque argued that extreme Bitcoin price levels could reflect wars, currency failures, debt crises and social unrest rather than pure crypto optimism. “Our world where Bitcoin reaches $1 million or even $10 million may not be a good one,” he said, framing the million-dollar debate as a macro story as much as a market one. Larchevêque stressed that in a “perfect” world Bitcoin has limited use — people only turn to it when trust in banks, currencies and governments erodes. He described Bitcoin as a final-settlement asset and a tool for wealth protection, most valuable when access to traditional money becomes uncertain. He also pointed out that Bitcoin’s meaning varies by context: for someone in Iran it conveys different utility and risk than for someone in France, reflecting local economic and political realities. Those nuances give his view added weight given his role in the custody conversation: Larchevêque co-founded Ledger in 2014, with Pascal Gauthier later serving as CEO. Larchevêque’s comments arrive amid broader discussion tying Bitcoin demand to macro financial stress. A recent Bitwise report (covered by crypto.news) linked rising Bitcoin interest to mounting debt pressure and strain in the bond market, noting a heavy sovereign refinancing calendar in 2026 that could keep attention fixed on fiat liquidity and central bank policy. At the same time, market flows have been mixed. U.S. spot Bitcoin ETFs recorded heavy outflows in June even as large on-chain holders accumulated roughly 270,000 BTC, illustrating a bifurcated market: ETF investors trimming exposure while large wallets buy the dip. Bitcoin later rebounded to around $61,700 after ETF inflows ended a 10-day negative streak, though analysts said BTC would need to reclaim $62,800 and $65,000 to confirm a stronger recovery. Not everyone reads a $1 million target as a warning. Crypto.news also reported that Binance founder Changpeng Zhao (CZ) still expects Bitcoin could reach $1 million within the next decade — a more adoption-driven take versus Larchevêque’s fiat-stress framing. Bottom line: the $1 million Bitcoin thesis now carries two narratives. For some, it’s a long-term adoption story. For Larchevêque, a rapid move to those levels would likely signal significant dysfunction in fiat systems — a reminder that soaring crypto prices can reflect fear as much as faith. Read more AI-generated news on: undefined/news