Prominent Cryptocurrency Research Analyst Pedro Rochardvice president of research Riot platforms RIOThas sparked an online debate over claims that the White House budget for 2025, under the presidency Joe Bidenprojects a very optimistic price target of $250,000 for bitcoin BTC/USD by 2035.
Community questions the official price projection
However, Rochard's interpretation faced scrutiny from the Twitter community.
Several users pointed out that the White House budget document itself does not contain explicit Bitcoin price projections.
Instead, it focuses on the potential tax revenue generated by increased regulation and taxation of digital assets as a whole.
Rochard defends analysis and highlights underlying trends
Faced with criticism, Rochard clarified his position.
He acknowledged that he created images to illustrate the “optimism” he perceived in the budget's approach to digital assets. according to the bitcoinist.
He emphasized the potential for increased tax revenue due to increased trading volume, suggesting a correlation between these factors and a future increase in the price of Bitcoin.
Rochard further argued that his analysis was intended to highlight the White House's optimistic assumptions about future digital asset tax revenues, rather than a misrepresentation of official projections.
He distinguished his images from the official budget document, stating that they were intended to show the underlying assumptions behind the projected tax figures.
Read also: 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 further than the initial tweet and suggested that the White House could be strategically inflating its revenue projections from digital assets.
Additionally, he extrapolated the data to predict potential tenfold growth in the US.
Bitcoin mining industry in the next decade, implying a much higher price target for Bitcoin than its initial prediction of $250,000.
White House focuses on regulation and revenue generation
While Rochard's interpretation of the budget as a predictor of Bitcoin price is questioned, the document itself outlines a clear focus on the digital asset sector.
The proposed budget proposes a series of measures to regulate and tax cryptocurrency activities, with the goal of generating an estimated revenue of $10 billion by 2025.
These measures include addressing laundering business practices, imposing a 30% tax on cryptocurrency mining, and establishing a framework to simplify cryptocurrency taxes.
Read next: JPMorgan CEO Jamie Dimon Vows to Defend Your Right to Buy Bitcoin, But Hints at Unseen Macro Threat
Image made through photographs on Shutterstock
