White House predicts Bitcoin surge to $250,000

White House Bitcoin price prediction

In a post on X, Pierre Rochard, vice president of research at Riot Platforms (NASDAQ: RIOT ), stirred the waters with his interpretation of the US government’s stance on Bitcoin. Referring to President Biden’s 2025 budget, Rochard suggested on social media platform X: “BREAK Biden’s 2025 budget very positive on Bitcoin, the White House expects $250k by 2035. They are counting on it for their tax revenue!”

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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

This claim has drawn a wide range of reactions within the crypto community, considering the implications it could have for the future of digital assets. Rochard’s claim is rooted in his analysis of the US government’s expected revenue from digital asset regulation and taxation.

He argues that the projections embedded in the budget documentation implicitly support a bullish outlook for Bitcoin, predicting its value to rise to $250,000 by 2034-2035. However, his interpretation did not go unchallenged.

Rochard noticed the community through X users. “The WH budget does not include Bitcoin price projections, only potential revenue from increased regulation and taxation of digital assets in general.”

Among other things, Zack Guzmán pointed out potential misinterpretations in Rochard’s analysis, and in particular questioned the validity of visual aids used to support his claims. Guzmán noted: “This is the real page 160 of the White House budget. (The White House will not put the bitcoin logo over the White House)”.

Is the Biden Administration Really Predicting $250,000 Per Bitcoin?

In response to criticism and clarifications regarding the nature of his claims, Rochard emphasized the analytical basis of his projections. He said: “I made the charts myself to illustrate the bullishness. […] Keep the numbers, do you think money grows on trees? […] Few understand the relationship between trading volume, taxes and BTC price.

To further defend his position, Rochard argued that his analysis was intended to shed light on the optimistic fiscal assumptions regarding digital assets, rather than to misrepresent official government documents.

“The community note is a non-sequence, I never claimed the image was part of the president’s budget. This is obviously a collage to illustrate the assumptions behind the tax revenue. Apart from that, it is worth noting that the White House is not only bullish, they are increasingly bullish YoY,” he noted.

Rochard also accused the White House of painting too rosy a picture of future tax revenue from digital assets, suggesting a strategic inflation of projections. “I would actually argue that the White House is delusional in this scenario, there’s no way they’re actually that bullish. They have artificially inflated the fiat tax revenue numbers to make them look better, this is part of their overall attack on Bitcoin.

In a further bold claim, Rochard extrapolated from the budget’s implications a future where the Bitcoin mining industry in the United States could experience exponential growth. “BREAKING Biden Expects Bitcoin Mining to Tenfold in the United States Over the Next Decade, This Will Imply a $6 Million Price Target for BTC. Even more bullish than the laundry line item. American dynamism and energy abundance will make it possible!”

Notably, the White House’s proposed budget indeed outlines a series of regulatory and tax measures targeting the digital asset sector, aiming to tap a projected $10 billion in revenue by 2025 from this burgeoning market. The budget’s focus includes implementing wash trade rules, a 30% tax on crypto mining, and other regulations intended to streamline the tax treatment of digital assets and close loopholes that favor specific investor demographics.

At press time, BTC was trading at $71,816.

Featured image of DALL·E, chart from TradingView.com