Australian Senator Gerard Rennick has faced criticism from the Bitcoin community for his remarks about Bitcoin (BTC), calling it a Ponzi scheme and questioning the asset's value because it "cannot be eaten."
" You can't eat Bitcoin," Rennick said in a post on X on May 23, after a user on X questioned his stance following Bitcoin's historic high of $111,970 on May 22.
"Bitcoin will eventually rise to $1 million. Why? Because it's a Ponzi scheme, and BlackRock will pour more and more dollars into a product with a limited supply," Rennick stated.
"What exactly can this product produce?" he added, claiming that Bitcoin will "absolutely produce nothing," and that Australia "needs real engineers, not financial engineers."
Global Bitcoin supporters quickly responded to Rennick's comments. The Australian Bitcoin Industry Body (ABIB) stated that Rennick's remarks about "Bitcoin reveal a profound misunderstanding." ABIB added:
"This is important because misunderstandings can lead to misinformation, and misinformation can lead to bad policy."
Unchained podcast host Laura Shin remarked, "You also can't eat the internet, so do you oppose the internet too?" Bitcoin Marathon team leader Jimmy Kostro commented, "This will definitely become a laughingstock. Please enlighten us with your profound and nuanced understanding of Bitcoin."
Rennick responded to the criticism, stating that he "doesn't need to explain anything."
"It’s sad that the Bitcoin community needs comfort from a politician—these are the very people they claim to want to get rid of," Rennick said.
The Bitcoin community often speaks out when public figures express anti-Bitcoin views.
Just weeks ago, Arizona Governor Katie Hobbs faced strong backlash from the Bitcoin community for vetoing a bill that would allow the state to hold Bitcoin as an official reserve asset.
Casa co-founder and crypto punk Jameson Lopp stated, "This will become a laughingstock." Meanwhile, Bitcoin entrepreneur Anthony Pompliano said, "Imagine a politician's ignorance, thinking they can make investment decisions." Crypto lawyer Andrew Gordon remarked, "We need more elected officials who understand that Bitcoin and cryptocurrency are the future."
When the U.S. government decided to transfer $1.9 billion worth of Bitcoin to Coinbase in December 2024, the Bitcoin community also pushed back.
Related: Texas Governor expresses support for Bitcoin (BTC) reserve bill
Original article: “Bitcoin (BTC) supporters push back against Australian Senator's 'You can't eat Bitcoin' remarks”
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