Ledger co-founder links US$1M Bitcoin to crisis

• Ledger co-founder Eric Larchevêque said a US$1 million Bitcoin price would likely reflect severe global economic disruption rather than market success.
• He argued that Bitcoin's value increases during financial instability, while other industry figures continue to link the target to adoption and scarcity.
• The contrasting views highlight the debate over whether Bitcoin's long-term growth will be driven by economic distress or mainstream adoption.

Eric Larchevêque, co-founder of Ledger, said Bitcoin (CRYPTO:BTC) reaching US$1 million would likely signal global economic distress driven by war, rising debt and weakening fiat currencies rather than a positive milestone for financial markets.

Speaking on the When Shift Happens podcast, Larchevêque said Bitcoin serves primarily as a store of value during periods of financial instability, noting that governments continue to expand debt levels, with United States government debt exceeding US$39 trillion.

"I think it's a world with a lot of suffering," said Larchevêque when describing the conditions he believes could drive Bitcoin to US$1 million or even US$10 million.

Larchevêque said Bitcoin currently trades near US$63,000, meaning a rise to US$1 million would require an increase of roughly 16 times, while adding that he holds most of his liquid net worth in Bitcoin as protection rather than for speculation and that his comments do not constitute investment advice.

Other industry figures have presented more optimistic forecasts, with VanEck Head of Digital Assets Research Matthew Sigel attributing a potential US$1 million Bitcoin price to increasing adoption and the cryptocurrency's fixed supply of 21 million coins.

Jan3 Chief Executive Samson Mow, Strategy Executive Chairman Michael Saylor and ARK Invest have also linked long-term Bitcoin appreciation to growing institutional demand and supply constraints rather than macroeconomic disruption.

The differing forecasts illustrate two competing views of Bitcoin's long-term value, with one centred on its role as a hedge against systemic financial risks and the other focused on broader adoption within the global financial system.

At the time of reporting, Bitcoin price was $63,531.34.