Avichal Garg, managing partner at Electric Capital, projects Bitcoin could reach $5-10 million per coin, calling the forecast "not that crazy" as venture capital reframes crypto as settlement infrastructure for autonomous systems and institutional finance.
The thesis shift centers on fungibility, transfer efficiency, divisibility, liquidity and resistance to government seizure—properties Garg argues make Bitcoin superior to gold as a store of value. Gate Ventures positions digital assets as settlement layers for AI-driven autonomous agents, moving beyond retail speculation toward institutional payments infrastructure.
Traditional capital is entering: J. Paul Getty Trust's $9.5 billion endowment, Khosla Ventures, and Felicis Ventures are backing the AI-crypto convergence. Cendana Capital, a fund-of-funds with $3 billion in assets under management, positions for the institutional transition.
Former OpenAI executives are investing in the convergence. Peter Deng joined Felicis, while Aliisa Rosenthal and Jeff Arnold back projects linking artificial intelligence to blockchain settlement layers. The talent migration signals institutional validation of crypto as fintech infrastructure.
Garg positions Ethereum earlier in its adoption curve than Bitcoin, comparable to Bitcoin in 2019, noting many institutions don't yet understand it. The gap suggests runway for institutional education and capital deployment.
The infrastructure thesis contrasts with earlier speculation-focused narratives. Venture firms now pitch crypto as payment rails, settlement mechanisms, and programmable money for autonomous systems—use cases that require institutional-grade reliability rather than retail hype.
Gate Ventures articulates the vision most directly: crypto serves as settlement infrastructure for autonomous agents that need programmable, instant, global payment capabilities. As AI systems gain autonomy, they need financial rails that operate without human intermediaries.
The 40 backing claims across four source documents show coordinated messaging from established investors with track records in traditional venture capital. Electric Capital, Cendana Capital, and institutional endowments provide credibility beyond crypto-native funds.
The transformation from speculative asset to institutional infrastructure positions cryptocurrency for corporate treasury adoption, payment processing, and settlement—markets measured in trillions rather than the hundreds of billions in current crypto market capitalization.