Australian Senator Gerard Rennick upset the Bitcoin community by calling Bitcoin a Ponzi scheme and saying “you can’t eat Bitcoin.” He posted this on May 23, after Bitcoin hit a new all-time high of $111,970.
What Rennick Said:
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Bitcoin is a Ponzi scheme, pumped by companies like BlackRock.
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It will go to $1 million, but it produces nothing.
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He believes Australia needs real engineers, not financial experts.
Bitcoiners Respond:
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The Australian Bitcoin Industry Body (ABIB) said the Senator misunderstands Bitcoin and this can lead to bad policy.
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Podcast host Laura Shin replied, “You can’t eat the internet either.”
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Jimmy Kostro from Marathon said Rennick’s comments will “age well” (sarcastically).
Rennick’s Comeback:
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He said he doesn’t need to explain anything and mocked the Bitcoin community for seeking approval from politicians, even though they want freedom from government.
Past Incidents:
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A few weeks ago, Arizona Governor Katie Hobbs faced backlash for blocking a bill that would let the state hold Bitcoin.
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Jameson Lopp, Anthony Pompliano, and crypto lawyer Andrew Gordon also criticized anti-Bitcoin stances.
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The community also reacted when the U.S. government moved $1.9 billion in Bitcoin to Coinbase in December 2024.
Disclaimer: This is for information only, not financial advice.
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