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 could actually’t be eaten.
“You’ll be able to’t eat Bitcoin,” Rennick said in a Might 23 X publish, responding to an X person who questioned his stance after Bitcoin hit a brand new all-time high of $111,970 on May 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 {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 internationally had been fast to answer Rennick’s feedback. The Australian Bitcoin Business Physique (ABIB) said 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 unhealthy coverage.”
Unchained podcast host Laura Shin said, “You can also’t eat the web, so do you oppose that too?” Bitcoin Marathon crew lead Jimmy Kostro said, “That is positively 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 clarify 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 incessantly spoken out when outstanding people have expressed anti-Bitcoin views.
Associated: Bitcoin inflows projected to reach $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 may have allowed the state to carry Bitcoin as part of its official reserves.
Casa co-founder and cypherpunk Jameson Lopp stated, “This can age poorly.” In the meantime, Bitcoin entrepreneur Anthony Pompliano said, “Think about the ignorance of a politician to consider they’ll make funding selections.” Crypto lawyer Andrew Gordon said, “We’d like extra elected officers who perceive that Bitcoin and crypto are the long run.”
Related backlash was seen by the Bitcoin group when the US government decided to switch $1.9 billion of Bitcoin to Coinbase in December 2024.
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