Australian senator Gerard Rennick sparked criticism from the Bitcoin community as a result of his remarks referring to Bitcoin as a Ponzi program and questioning the value of the asset because it is not digestible.
“You cannot eat Bitcoin,” said Rennick in a post on May 23, responding to an X user who questioned his position after Bitcoin reached a new summit of $ 111,970 on May 22.
Rennick says Bitcoin will go to $ 1 million, but is a “ponzi program”
“Bitcoin will ultimately cost $ 1 million. Why is it a Ponzi program by which BlackRock Pompera is increasingly dollars in a product forced to offer,” said Rennick.
“What exactly will this product produce?” Said Rennick. He added that Bitcoin (BTC) will produce “absolutely nothing” and that Australia “needs real engineers and not financial engineers”.
Bitcoins around the world quickly responded to Rennick’s comments. The Australian Bitcoin Industry (Abib) organization said that Rennick’s remarks on “Bitcoin reveal a deep misunderstanding”. Abib added:
“This counts because a misunderstanding leads to false statements. And a false statement leads to bad policy. “
The host of Podcast Unchained, Laura Shin, said: “You can’t eat the Internet either, so do you also oppose?” The Bitcoin marathon team Jimmy Kostro, “said:” It will certainly age well. Please enlighten us with a greater deep and nuanced understanding of Bitcoin. ”
Rennick answered criticism and said he did not “need to explain anything”.
“It is pathetic to see how the Bitcoin community needs to reassure a politician – the very people they claim want to be free,” said Rennick.
The Bitcoin community has frequently spoken when eminent individuals have expressed anti-bitcoin opinions.
In relation: Bitcoin entries planned to reach $ 420 billion in 2026 –
Only a few weeks ago, the Governor of Arizona, Katie Hobbs, experienced the Bitcoin community after his veto decision to a bill that would have enabled the State to hold Bitcoin within the framework of its official reserves.
The co-founder of Casa and Cypherpunk Jameson Lopp said: “It will get badly.” Meanwhile, the Bitcoin entrepreneur, Anthony poses, said: “Imagine the ignorance of a politician to believe that they can make investment decisions.” Crypto lawyer Andrew Gordon said: “We need more elected representatives who understand that Bitcoin and Crypto are the future.”
A similar backlash was seen by the Bitcoin community when the US government decided to transfer $ 1.9 billion in Coinbase in December 2024.
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