Bitcoin could reach $5-10 million per coin as venture capital reframes cryptocurrency as settlement infrastructure for autonomous systems and cross-border institutional finance, according to Avichal Garg, managing partner at Electric Capital.
The thesis shift centers on properties that make Bitcoin superior to gold for international value transfer: fungibility, divisibility, instant global settlement, and resistance to government seizure. Gate Ventures positions digital assets as settlement layers for AI-driven autonomous agents that need programmable, borderless payment capabilities without human intermediaries.
Institutional capital is entering from traditional finance. The J. Paul Getty Trust's $9.5 billion endowment, Silicon Valley's Khosla Ventures and Felicis Ventures, and Cendana Capital's $3 billion fund-of-funds are backing the AI-crypto convergence. Former OpenAI executives Peter Deng, Aliisa Rosenthal, and Jeff Arnold are investing in projects linking artificial intelligence to blockchain settlement.
Garg positions Ethereum earlier in its institutional adoption curve than Bitcoin, comparable to Bitcoin in 2019, noting many global financial institutions don't yet understand it. The gap suggests runway for international capital deployment as institutions educate themselves on programmable settlement layers.
The infrastructure thesis contrasts sharply with earlier retail speculation narratives. Venture firms now pitch crypto as global payment rails, instant settlement mechanisms, and programmable money for autonomous systems—use cases requiring institutional-grade reliability rather than retail hype cycles.
Gate Ventures articulates the vision: crypto serves as settlement infrastructure for autonomous agents needing instant, global, programmable payment capabilities. As AI systems gain autonomy across borders, they require financial rails operating 24/7 without intermediaries or cross-border friction.
The transformation positions cryptocurrency for corporate treasury adoption, international payment processing, and cross-border settlement—markets measured in trillions rather than crypto's current hundreds of billions in market capitalization. The backing from established investors with traditional venture capital track records provides credibility beyond crypto-native funds.