Australian senator Gerard Rennick got criticism from the Bitcoin community following his comments referring to Bitcoin as a Ponzi method and questioning the value of the owner because it did not dissolve.
“You can’t eat bitcoin,” Rennick Says In a post of May 23 X, who responded to an X user who asked his stance after Bitcoin hit a new one All-Time High $ 111,970 on 22 May.
Rennick said Bitcoin would go to $ 1 million but a “ponzi scheme”
“Bitcoin will eventually go to $ 1 million dollars. Why is it a ponzi scheme where Blackrock will bomb more and more dollars in a supply of forced product,” Rennick said.
“What exactly is this product?” Rennick said. He added that bitcoin (Btc) will do “unconditional” and Australia “requires real engineers who are non -financial engineers.”
Bitcoiners around the world responded quickly to Rennick’s comments. The Australian Bitcoin Industry Body (Abib) Says Rennick’s statements about “Bitcoin show a deep misunderstanding.” Abib added:
“This is important, because misunderstanding leads to misinformation. And misinformation leads to bad policy.”
Unchained Podcast Host Laura Shin Says“You can’t eat on the internet either, so are you opposed too?” Bitcoin Marathon team led Jimmy Kostro Says“It will definitely go well. Please enlighten us more than your deep and nuanced understanding of Bitcoin.”
Rennick responded to the criticism and said he didn’t “have to explain anything.”
“It’s funny how the Bitcoin community needs certainty from a politician – the very people they claim to be free,” Rennick said.
The Bitcoin community often speaks when well-known individuals express anti-Bitcoin views.
Related: Bitcoin flows are expected to reach $ 420B in 2026 – Bitwise
Just a few weeks ago, Arizona Governor Katie Hobbs experienced a backlash from the Bitcoin community after his decision to veto a bill that would allow the state to handle The bitcoin as part of its official reserve.
Casa’s co-founder and Cypherpunk Jameson Lopp said, “It’s not good at age.” Meanwhile, Bitcoin businessman Anthony Pompliano Says“Think of the ignorance of a politician who believes they can make investment decisions.” Crypto lawyer Andrew Gordon Says“We need more elected officials who understand that bitcoin and crypto are the future.”
The same backlash is seen by the Bitcoin community When the US government decided To move $ 1.9 billion of Bitcoin to Coinbase in December 2024.
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