Pierre Rochard predicts Bitcoin could reach $250k by 2035 based on Biden’s budget, sparking debate in the crypto community. The White House is proposing regulatory measures for digital assets, which aim to generate $10 billion in revenue by 2025, affecting Bitcoin’s future value and industry growth.
Vice President of Research at Riot Platforms Pierre Rochard recent claim on social media platforms fueled discussions within the cryptocurrency community. Citing President Biden’s 2025 budget, Rochard presented a bullish outlook for Bitcoin, predicting a staggering valuation of $250,000 by 2034-2035.
Its interpretation depends on the budget’s expected regulation of digital assets and tax revenue. Despite great attention, Rochard’s claims are scrutinized for their validity and possible misinterpretations.
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BREAKING🚨 Biden’s 2025 budget is very bullish on #Bitcoin, the White House expects $250k by 2035.
They count on it for their tax revenue! 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 the regulation and taxation of digital assets. According to him, the budget subtly endorses an optimistic view about Bitcoin, predicting a significant increase in its value in the coming years. Rochard’s interpretation has been questioned by certain opponents, who point out possible errors and misinterpretations in his analysis.
Critics highlight potential misinterpretations
Several notables, such as Zack Guzmán, have expressed doubts about Rochard’s credibility in his claims. Guzmán drew attention to inconsistencies in Rochard’s analysis, and skepticism about the graphics he used to bolster his claims. He underscored the need to take a closer look at the budget records, pointing out that they do not specifically include predictions for the price of Bitcoin.
In response to criticism, Rochard defended his interpretation and emphasized the analytical basis of his projections. He said his charts displayed optimistic financial assumptions around digital assets rather than misrepresenting official government records. In addition, Rochard claimed that the White House had exaggerated estimates to give 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 can experience exponential growth, powered by American dynamism and energy abundance. This bold claim underscores the potential impact of government policy on the digital assets sector and its related 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, money laundering guidelines and other laws aimed at simplifying the taxation of digital assets are among 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 growing sector by 2025.
The White House remains optimistic despite concerns expressed about the rise in Bitcoin’s price and the resulting impact on the power grid earlier this year. As Bitcoin’s value continues to rise, so does the energy-intensive mining process. These concerns have led to discussions within the administration about possible regulatory measures to address the issue.
Bitcoin rises to new all-time highs
CNF Marketcap reports that Bitcoin (BTC) is trading at 71,995, after reaching levels never seen before. Bitcoin maintain its excellent performance, with an astonishing increase of more than 9% in just one week. The price of Bitcoin has risen dramatically by more than 52% in the past month. Investors from around the world took note of this remarkable rally, fueling speculation and enthusiasm about the future of the top cryptocurrency.
This article is provided for informational purposes only and is not intended as investment advice. The content is not a recommendation to buy, sell or hold any securities or financial instruments. Readers should do their own research and consult with financial advisors before making investment decisions. The information presented may not be current and may become out of date.
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