In a post on Citing President Biden's 2025 budget, Rochard suggested on social media platform their tax revenues!”
BREAKING NEWS Biden's 2025 budget is very optimistic bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin the White House expects $250,000 by 2035.
They count on it for their tax revenue! pic.twitter.com/JOipF3PKpG
-Pierre Rochard (@BitcoinPierre) March 11, 2024
This say It has sparked 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 based on his analysis of the US government's anticipated revenue from regulating and taxing digital assets.
He argues that the projections included in the budget documentation implicitly support a bullish outlook for bitcoin, projecting that its value will skyrocket to $250,000 by 2034-2035. However, his interpretation has not been free from doubt.
Rochard got X users to notice the community. “WH's budget contains no bitcoin price projections, only potential revenue from increased regulation and taxes on digital assets in general.”
Zack Guzmán, among others, pointed out possible misinterpretations in Rochard's analysis, particularly questioning the validity of the visual aids used to support his claims. Guzmán remarked: “This is the real page 160 of the White House Budget. (The White House would not put the bitcoin logo on the White House).”
Is the Biden Administration Really Envisioning $250,000 for bitcoin?
Responding to criticism and clarifications about the nature of his claims, Rochard highlighted the analytical basis of his projections. He said: “I made the graphs myself to illustrate the optimism. (…) Do the numbers, do you think money grows on trees? (…) Few understand the relationship between trading volume, taxes and the price of btc.”
Rochard further defended his stance, arguing that his analysis was intended to shed light on optimistic fiscal assumptions regarding digital assets, rather than misrepresenting official government documents.
“The community note is a non sequitur, I never said that the image was part of the President's budget. It is obviously a collage to illustrate the assumptions behind tax revenues. “Aside from that, it is notable that the White House is not only optimistic, but increasingly optimistic year after year,” she commented.
Rochard also accused the White House of painting an overly optimistic picture of future tax revenues from digital assets, suggesting strategic inflation of the projections. “I would say the White House is misleading in this scenario; There's no way they can be that optimistic. “They artificially inflated fiat tax revenue figures to make them look better, this is part of their overall attack on bitcoin.”
In another bold claim, Rochard extrapolated from the budget implications a future in which the bitcoin mining industry in the United States could experience exponential growth. “BREAKING Biden expects the bitcoin mining industry to grow 10-fold in the United States over the next decade, this would imply a $6 million price target for btc. Even more bullish than the wash order line. “American dynamism and abundance of energy will make it happen!”
Notably, the White House's proposed budget actually outlines a series of regulatory and tax measures targeting the digital asset sector, aiming to tap into the projected $10 billion in revenue by 2025 from this burgeoning market. The budget's focus includes implementing wash trading rules, a 30% tax on cryptocurrency mining, and other regulations aimed at simplifying the tax treatment of digital assets and closing loopholes that favor specific demographic groups of investors.
At the time of publication, btc was trading at $71,816.
Featured image of DALL·E, chart from TradingView.com
