Prominent cryptocurrency research analyst Pierre Rochard, VP of Research at Riot Platforms RIOT, has sparked a debate online over claims that the White House's 2025 budget, under President Joe Biden, projects a highly optimistic price target of $250,000 for Bitcoin BTC/USD by 2035.
Community Casts Doubt On Official Price Projection
However, Rochard's interpretation faced scrutiny from the Twitter community.
Several users pointed out that the White House budget document itself doesn't contain explicit Bitcoin price projections.
Instead, it focuses on potential tax revenue generated from increased regulation and taxation of digital assets as a whole.
Rochard Defends Analysis, Highlights Underlying Trends
In response to the criticism, Rochard clarified his position.
He acknowledged that he created visuals to illustrate the "bullishness" he perceived in the budget's approach to digital assets, according to Bitcoinist.
He emphasized the potential for increased tax revenue due to rising trade volume, suggesting a correlation between these factors and a future rise in Bitcoin's price.
Rochard further argued that his analysis aimed to highlight the White House's optimistic assumptions about future digital asset tax revenue, rather than a misrepresentation of official projections.
He distinguished his visuals from the official budget document, stating they were meant to showcase the underlying assumptions behind the projected tax figures.
Also Read: Which Public Companies Own Bitcoin? This Giant Is The Odd One Out In The Top 5
Analyst Questions White House Optimism, Predicts Explosive Growth
Interestingly, Rochard went beyond the initial tweet, suggesting the White House might be strategically inflating its revenue projections from digital assets.
He further extrapolated from the data to predict a potential tenfold growth in the U.S.
Bitcoin mining industry within the next decade, implying a much higher price target for Bitcoin than his initial $250,000 prediction.
White House Focuses on Regulation And Revenue Generation
While Rochard's interpretation of the budget as a Bitcoin price predictor is contested, the document itself does outline a clear focus on the digital asset sector.
The proposed budget proposes a range of measures to regulate and tax cryptocurrency activities, aiming to generate an estimated $10 billion in revenue by 2025.
These measures include tackling wash trading practices, imposing a 30% tax on crypto mining, and establishing a framework for streamlined crypto taxation.
Read Next: JPMorgan CEO Jamie Dimon Vows To Defend Your Right To Buy Bitcoin — But Hints At Unseen Macro Threat
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