According to the media, Eric Larchevêque, the co-founder of Ledger, recently spoke of a $1 million bitcoin, which was not considered a simple goal of rise. In his view, if the bitcoin had actually risen to that level, it would have been more likely that the French currency system, the debt market and the social environment had been under pressure.
High-priced bitcoin doesn't necessarily represent a healthy environment.
In an interview with Larchevêque, it was not necessarily a good thing that bitcoin rose to $1 million, or even $10 million. According to him, such a situation could be accompanied by war, currency failure, debt problems and social unrest.
He saw higher prices of bitcoin as a pressure signal, not just an extension of market optimism. In other words, a large upswing in prices does not necessarily stem from higher rates of adoption or from a loss of confidence in the traditional monetary system.
Bitcoin is considered final settlement asset
Larchevêque believes that in all the smooth-moving environments, bitcoin is of limited importance. Direct possession of bitcoin will increase significantly only when banks, currencies and Governments are unable to protect individual wealth in a stable manner.
He described bitcoin as a “final settlement asset” and a wealth protection tool. The article mentions that this view is consistent with the common argument of supporters of bitcoin that, when there are doubts about the availability of funds and the security of assets, users will place greater emphasis on holding without reliance on intermediaries.
He also indicated that people from different regions had different understandings of bitcoin. In the case of Iran and France, for example, bitcoin would have different functions because of local risks.
ETF Financial Flows and Chain Plus
It was also mentioned that there were two different interpretations of the market around the long-term price targets of bitcoin. One view sees $1 million as a result of long-term adoption and increased demand; the other, like Laarchevêque, places more emphasis on what may reflect sovereign debt, financial liquidity and financial system pressures.
Bitwise had also previously linked Bitcoin demand to debt pressure, arguing that sovereign debt risk remained part of the narrative that underpinned Bitcoin. It was mentioned that global borrowers faced heavy refinancing arrangements in 2026, which could continue to push market attention to liquidity and central bank policies.
On the short-term face of funds, United States spot bitcoin ETF experienced large-scale outflows in June, but the chain of large wallets accumulated an estimated 270,000 BTCs over the same period. This shows that the financing of institutional products is not consistent with the behaviour of the chain holders and that the direction of the market remains divided.
In addition, it was reported that Bitcoin had rebounded to the vicinity of approximately $6.17 million after the ETF financial flows had been positive. Overall, long-term narratives remain, but short-term market sentiment remains driven by ETF financial changes and macro-predictations.