Between high expectations and disillusionment, the return of the former founder of Ledger is challenging the ecosystem.
When Éric Larchevêque, a historical figure in the French crypto scene and co-founder of Ledger, announces a new project, the ecosystem naturally expects a significant return.
In recent days, the entrepreneur revealed on X his new company, supported by well-orchestrated communication and teasing suggesting a major technological initiative.
But once unveiled, the project received a much more mixed reception, with a large number of observers expressing strong criticism of the initiative presented.
High expectations… for a project considered unambitious
Even before its official unveiling, the communication surrounding the project had generated considerable anticipation: announced interviews, a carefully crafted social media marketing strategy, and elaborate teasers reminiscent of major keynote speeches featuring robots and futuristic vehicles. Expectations were therefore immense, especially since several messages hinted at a major contribution to the Bitcoin ecosystem and promised a significant form of innovation.
Many expected a comeback focused on security, hardware, or digital sovereignty—the areas that had shaped Larchevêque's reputation up to that point. Some even went so far as to imagine a political initiative after he published a photo of himself holding a book by Hayek.
However, the project presented is more akin to a investment vehicle or a micro-funds with a positioning focused on financial support rather than technical innovation or an open-source solution. This is clearly reminiscent of Michael Saylor's project with MicroStrategy, whose strategy essentially consists of accumulating bitcoins.
This direction surprised part of the community.
Quick criticism on social media
On X, the reaction was swift. Many see a disconnect between the expectations generated and the actual nature of the project.
The most frequent feedback mentions:
- a project that is "too abstract" or "vague in its purpose";
- a feeling of disappointment at the lack of technological innovation;
- an ironic comparison with other existing investment initiatives.
For some observers, the initial communication suggested a major breakthrough, amplifying the fall when it turned out to be a financial structure, almost commonplace in the current ecosystem.
Indeed, there are hundreds of companies that already hold bitcoin in their treasury , listed companies, specialized funds or even SMEs that choose to allocate part of their capital in BTC.
Some have been doing this for years, with clear strategies, public reports, and a well-defined governance framework. In other words, the concept itself is not revolutionary: it is part of a trend already widely adopted in the world of corporate finance.
A complex context: a community that has become more demanding.
The Bitcoin ecosystem has evolved. Simply featuring a basketball star like Tony Parker is no longer enough to establish credibility. Today, users expect projects that are based on:
- transparency,
- open source code,
- concrete technical solutions,
- or innovations in digital sovereignty.
In this context, a project perceived as "financial" rather than technological can easily be met with skepticism.
What is the idea behind the Network Society?
In reality, with The Bitcoin Society, Larchevêque wants to create a kind of dual structure: a Bitcoin Treasury Company classic (i.e., a company that holds BTC in cash) coupled with what he calls a Network Society, which is supposed to be the true “revolutionary” promise of the project.
But this part remains extremely vague in its presentation. We understand the idea of a kind of network society, heavily capitalized in bitcoins, capable of exerting influence, proposing alternatives to traditional state models, or even drawing inspiration from experiences like prosper in Honduras for example, or Bitcoin city projects which are still in their infancy.
For now, nothing is clearly defined, and many are still struggling to grasp the exact nature of this “Network Society” that is supposed to transform the ecosystem.
What's Next ?
It is still too early to judge the true potential of this new project. Following numerous criticisms, it could evolve, incorporate technical aspects, or refine its positioning in the coming months.
But one thing is certain: the initial reception shows how attentive, critical and sensitive the crypto ecosystem, and particularly the Bitcoin community, has become to the real value of the announced projects.
The challenge for Larchevêque and his team will now be to convince through actions and to clarify the practical usefulness of this new structure.
