- Pierre Rochard predicts Bitcoin could hit $250k by 2035 based on Biden’s budget, sparking debate in the crypto community.
- White House proposes regulatory measures for digital assets, aiming to generate $10 billion in revenue by 2025, impacting Bitcoin’s future value and industry growth.
Vice President of Research at Riot Platforms Pierre Rochard’s recent assertion on social media platforms has ignited discussions within the cryptocurrency community. Referencing President Biden’s 2025 budget, Rochard suggested a bullish outlook for Bitcoin, projecting a staggering $250,000 valuation by 2034-2035.
His interpretation hinges on the budget’s anticipated digital asset regulation and taxation revenue. Despite generating significant attention, Rochard’s claims face scrutiny over their validity and potential misinterpretations.
BREAKING
Biden’s 2025 budget is very bullish on #Bitcoin , the White House expects $250k by 2035.
They are counting on it for their tax revenues! pic.twitter.com/JOipF3PKpG
— Pierre Rochard (@BitcoinPierre) March 11, 2024
Rochard’s claim is based on examining the US government’s budget, namely the amount of money it expects to receive from regulating and taxing digital assets. According to him, the budget subtly endorses an optimistic view on Bitcoin, projecting a considerable increase in its value in the upcoming years. Rochard’s interpretation has been doubted by certain detractors, who point out possible errors and misinterpretations in his analysis.
Critics Highlight Potential Misinterpretations
Several notable people, such as Zack Guzmán, have expressed doubts over Rochard’s credibility in his assertions. Guzmán drew attention to inconsistencies in Rochard’s analysis, casting skepticism on the graphics he used to bolster his claims. He underlined the necessity for a closer look at the budgetary records, pointing out that they don’t specifically include predictions for the price of Bitcoin.
In response to criticisms, Rochard defended his interpretation, emphasizing the analytical basis of his projections. He stated that his graphs displayed upbeat financial assumptions surrounding digital assets rather than misrepresenting official government records. Additionally, Rochard charged that the White House had exaggerated estimates to provide an overly optimistic picture of prospective tax receipts from digital assets.
Implications for the Bitcoin Mining Industry
Beyond Bitcoin’s potential value, Rochard extrapolated from the budget’s implications a significant growth opportunity for the Bitcoin mining industry in the United States. He suggested that the industry could experience exponential growth, driven by American dynamism and energy abundance. This bold claim underscores the potential impact of government policies on the digital asset sector and its associated industries.
A number of tax and regulatory initiatives for the digital asset market are outlined in the White House’s proposed budget. A 30% tax on cryptocurrency mining, wash trading guidelines, and other laws aimed at simplifying the taxation of digital assets are some of the actions taken in this regard. The government intends to close regulatory gaps and guarantee that it receives the estimated $10 billion in revenue from this expanding sector by 2025.
The White House remains optimistic despite having voiced concerns about the spike in Bitcoin’s price and the resulting impact on the power grid earlier in the year. As Bitcoin’s value continues to rise, so does the energy-intensive mining process. This concern led to discussions within the administration about potential regulatory measures to address the issue.
Bitcoin Surges to New All-Time Highs
CNF Marketcap reports that Bitcoin (BTC) is trading at 71,995, having reached levels never seen before. Bitcoin maintains its outstanding performance, with an astounding increase of more than 9% in just one week. The price of Bitcoin has increased dramatically over the past month by more than 52%. Investors from all over the world have taken notice of this remarkable rally, which has fueled speculation and enthusiasm about the future of the top cryptocurrency.
