Pierre Rochard Claims Biden Administration Expects Bitcoin to Reach $250,000 by 2035
In a recent social media post, Pierre Rochard, Vice President of Research at Riot Platforms, made a bold claim about the US government’s stance on Bitcoin. Rochard suggested that President Biden’s 2025 budget indicates a bullish outlook for Bitcoin, with the White House expecting its value to reach $250,000 by 2035. This interpretation has sparked a debate within the crypto community and raised questions about the implications for the future of digital assets.
Analysis of US Government Revenue Projections
Rochard’s assertion is based on his analysis of the anticipated revenue from digital asset regulation and taxation outlined in the budget documentation. He argues that these projections implicitly support a bullish outlook for Bitcoin. However, his interpretation has been challenged by some members of the crypto community who question the validity of his claims.
- Some users on social media pointed out potential misinterpretations in Rochard’s analysis.
- Zack Guzmán questioned the validity of visual aids used to support Rochard’s claims.
- Guzmán shared a page from the White House Budget, stating that it does not contain Bitcoin price projections.
Rochard Defends His Claims
In response to criticisms and clarifications, Rochard defended his projections and emphasized their analytical basis. He stated that he created the graphs himself to illustrate the bullishness of his outlook. He also challenged others to run the numbers and understand the relationship between trade volume, taxes, and BTC price.
- Rochard argued that his analysis was meant to shed light on optimistic fiscal assumptions regarding digital assets.
- He clarified that the image he used was not part of the President’s budget but a collage to illustrate the assumptions behind tax revenue.
- Rochard accused the White House of artificially inflating fiat tax revenue numbers to make it look better and further their attack on Bitcoin.
White House Budget and Regulatory Measures
The White House’s proposed budget does outline a series of regulatory and taxation measures targeting the digital asset sector. These measures aim to harness a projected $10 billion in revenue by 2025 from the growing market. The focus of the budget includes:
- Implementation of wash trading rules
- 30% tax on crypto mining
- Other regulations to streamline tax treatment and close loopholes favoring specific investor demographics
The Future of Bitcoin Mining in the United States
Rochard extrapolated from the budget’s implications a future where the Bitcoin mining industry in the United States could experience exponential growth. He claimed that President Biden expects the industry to grow tenfold over the next decade, resulting in a $6 million price target for BTC. Rochard attributes this growth to American dynamism and energy abundance.
Closing Thoughts: Bitcoin Price and Implications
While Rochard’s claims have sparked a debate within the crypto community, it is essential to consider multiple perspectives when analyzing government documents and projections. The future of Bitcoin’s price and its impact on tax revenues remain uncertain. However, it is clear that the US government is taking steps to regulate and tax digital assets, indicating their growing importance in the financial landscape.
At present, BTC is trading at $71,816.
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