Australian Senator Gerard Rennick has drawn criticism from the Bitcoin neighborhood following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset’s worth as a result of it isn’t digestible.
“You’ll be able to’t eat Bitcoin,” Rennick mentioned in a Could 23 X put up, responding to an X consumer who questioned his stance after Bitcoin hit a brand new all-time excessive of $111,970 on Could 22.
Rennick says Bitcoin will go to $1 million however is a “Ponzi Scheme”
“Bitcoin will in the end go to $1 million {dollars}. Why as a result of it’s a Ponzi scheme whereby BlackRock will pump increasingly more {dollars} right into a provide constrained product,” Rennick mentioned.
“What precisely will this product produce?” Rennick mentioned. He added that Bitcoin (BTC) will produce “completely nothing” and Australia “wants actual engineers not monetary engineers.”
Bitcoiners the world over have been fast to reply to Rennick’s feedback. The Australian Bitcoin Business Physique (ABIB) mentioned 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 mentioned, “You can also’t eat the web, so do you oppose that too?” Bitcoin Marathon workforce lead Jimmy Kostro mentioned, “That is positively going to age nicely. Please enlighten us with extra of your deep and nuanced understanding of Bitcoin.”
Rennick responded to the criticism and mentioned he doesn’t “want to clarify something.”
“It’s pathetic how the Bitcoin neighborhood wants reassurance from a politician – the very individuals they declare they need to be free from,” Rennick mentioned.
The Bitcoin neighborhood has incessantly spoken out when outstanding people have expressed anti-Bitcoin views.
Associated: Bitcoin inflows projected to achieve $420B in 2026 — Bitwise
Only some weeks in the past, Arizona Governor Katie Hobbs skilled backlash from the Bitcoin neighborhood after her determination to veto a invoice that may have allowed the state to carry Bitcoin as a part of its official reserves.
Casa co-founder and cypherpunk Jameson Lopp mentioned, “This may age poorly.” In the meantime, Bitcoin entrepreneur Anthony Pompliano mentioned, “Think about the ignorance of a politician to consider they will make funding selections.” Crypto lawyer Andrew Gordon mentioned, “We want extra elected officers who perceive that Bitcoin and crypto are the long run.”
Related backlash was seen by the Bitcoin neighborhood when the US authorities determined to switch $1.9 billion of Bitcoin to Coinbase in December 2024.
Journal: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye