Australian Senator Gerard Rennick has drawn criticism from the Bitcoin group following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset’s worth as a result of it may possibly’t be eaten.
“You’ll be able to’t eat Bitcoin,” Rennick stated in a Might 23 X submit, responding to an X consumer who questioned his stance after Bitcoin hit a brand new all-time excessive of $111,970 on Might 22.
Rennick says Bitcoin will go to $1 million however is a “Ponzi Scheme”
“Bitcoin will finally go to $1 million {dollars}. Why as a result of it’s a Ponzi scheme whereby BlackRock will pump increasingly more {dollars} right into a provide constrained product,” Rennick stated.
“What precisely will this product produce?” Rennick stated. He added that Bitcoin (BTC) will produce “completely nothing” and Australia “wants actual engineers not monetary engineers.”
Bitcoiners the world over had been fast to reply to Rennick’s feedback. The Australian Bitcoin Business Physique (ABIB) stated Rennick’s remarks about “Bitcoin reveal a deep misunderstanding.” The ABIB added:
“This issues, as a result of misunderstanding results in misrepresentation. And misrepresentation results in dangerous coverage.”
Unchained podcast host Laura Shin stated, “You can also’t eat the web, so do you oppose that too?” Bitcoin Marathon group lead Jimmy Kostro stated, “That is undoubtedly going to age properly. Please enlighten us with extra of your deep and nuanced understanding of Bitcoin.”
Rennick responded to the criticism and stated he doesn’t “want to elucidate something.”
“It’s pathetic how the Bitcoin group wants reassurance from a politician – the very folks they declare they wish to be free from,” Rennick stated.
The Bitcoin group has regularly spoken out when distinguished people have expressed anti-Bitcoin views.
Associated: Bitcoin inflows projected to succeed in $420B in 2026 — Bitwise
Only some weeks in the past, Arizona Governor Katie Hobbs skilled backlash from the Bitcoin group after her determination to veto a invoice that might have allowed the state to carry Bitcoin as a part of its official reserves.
Casa co-founder and cypherpunk Jameson Lopp stated, “It will age poorly.” In the meantime, Bitcoin entrepreneur Anthony Pompliano stated, “Think about the ignorance of a politician to imagine they’ll make funding choices.” Crypto lawyer Andrew Gordon stated, “We’d like extra elected officers who perceive that Bitcoin and crypto are the long run.”
Comparable backlash was seen by the Bitcoin group when the US authorities determined to switch $1.9 billion of Bitcoin to Coinbase in December 2024.
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