Close Menu
Cryprovideos
    What's Hot

    Switzerland Opens Crypto Tax Vault To 74 Nations—Particulars

    June 7, 2025

    Singapore’s Tightening Crypto Laws May Power Companies to Relocate | UseTheBitcoin

    June 7, 2025

    Polymarket to Function Official Prediction Market of Elon Musk’s X – Decrypt

    June 7, 2025
    Facebook X (Twitter) Instagram
    Cryprovideos
    • Home
    • Crypto News
    • Bitcoin
    • Altcoins
    • Markets
    Cryprovideos
    Home»Bitcoin»Australian Senator Slams Bitcoin as 'Ponzi Scheme' – Decrypt
    Australian Senator Slams Bitcoin as 'Ponzi Scheme' – Decrypt
    Bitcoin

    Australian Senator Slams Bitcoin as 'Ponzi Scheme' – Decrypt

    By Crypto EditorMay 26, 2025No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email



    Australian Senator Slams Bitcoin as 'Ponzi Scheme' – Decrypt

    Briefly

    • Responding to a sarcastic immediate on X, Australian Senator Gerard Rennick referred to as Bitcoin a “Ponzi scheme” pushed by asset managers similar to BlackRock.
    • Critics, together with the Australian Bitcoin Trade Physique, stated his feedback had been “misinformed” and will result in damaging coverage.
    • The conflict got here as Australia’s Labor authorities prepares crypto laws below its post-election mandate.

    Bitcoin (BTC) could also be gaining momentum globally, however in Australia, it’s additionally attracting political ire.

    On Might 23, Senator Gerard Rennick dismissed Bitcoin as a “Ponzi scheme,” sparking rapid backlash from crypto trade teams and customers alike.

    “Bitcoin will in the end go to a $1 million {dollars}. Why? As a result of it’s a Ponzi scheme whereby BlackRock will pump increasingly {dollars} right into a supply-constrained product,” Rennick tweeted in response to a person who sarcastically requested for his “particular feedback” on the subject.

    “You possibly can’t eat Bitcoin,” the Senator added.

    Sure I do – Bitcoin will in the end go to a $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.

    What precisely will this product produce? Completely nothing and nor will the 1000’s of individuals…

    — Senator Gerard Rennick (@SenatorRennick) Might 23, 2025

    The Queensland senator, who now leads the populist Folks First Celebration after leaving the Liberal Nationwide Celebration in 2024, went on to argue that Bitcoin and its merchants contribute “completely nothing” when it comes to real-world utility.

    “Australia wants actual engineers, not monetary engineers,” he stated. “We want infrastructure that’s [sic] delivers important companies significantly vitality, water and transport.”

    Bitcoiners and trade advocates fired again instantly to the Senator’s feedback.

    The Australian Bitcoin Trade Physique (ABIB) dismissed Rennick’s remarks as “a deep misunderstanding,” warning that “misinformed” takes from public officers may result in “dangerous coverage.”

    “This isn’t about whether or not Australians can use Bitcoin—we already do,” ABIB stated in its response. “That is about whether or not our authorities is able to understanding how Bitcoin can enrich the nation… The door is open for ongoing schooling. The query is: are you prepared to stroll by way of it?”

    Because the thread gained traction, the Senator dismissed criticism, saying “You’re upset about what a politician thinks about Bitcoin? Significantly? I assumed you wished much less political interference. Why does it matter what I feel? Make investments as you’ll.”

    Bitcoin and Australia

    Rennick’s remarks adopted Bitcoin’s latest surge to an all-time excessive above $111,000 and got here simply two weeks after Andrew Charlton was named Assistant Minister for Science, Know-how, and the Digital Financial system by Prime Minister Anthony Albanese.

    Charlton is anticipated to guide Australia’s digital asset reform push, together with a licensing regime that might deliver main exchanges below the Australian Monetary Companies Licence (AFSL) framework with draft laws due later this 12 months.

    The federal government additionally plans to introduce safeguards in opposition to debanking and align the framework with world requirements just like the EU’s MiCA and Singapore’s Fee Companies Act.

    Each day Debrief E-newsletter

    Begin on daily basis with the highest information tales proper now, plus unique options, a podcast, movies and extra.





    Supply hyperlink

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Kiyosaki Pushes Bitcoin, Silver as Trump-Musk Feud Roils Markets | US Crypto Information

    June 7, 2025

    Metaplanet Targets 210K BTC With $5.4B Fairness Elevate – Bitbo

    June 7, 2025

    Bitcoin: Uber accelerates in direction of digital funds with stablecoin

    June 7, 2025

    Bitcoin Sees Adverse Funding On Binance – A Traditional Setup For A Quick Squeeze?

    June 7, 2025
    Latest Posts

    Kiyosaki Pushes Bitcoin, Silver as Trump-Musk Feud Roils Markets | US Crypto Information

    June 7, 2025

    Metaplanet Targets 210K BTC With $5.4B Fairness Elevate – Bitbo

    June 7, 2025

    Bitcoin: Uber accelerates in direction of digital funds with stablecoin

    June 7, 2025

    Bitcoin Sees Adverse Funding On Binance – A Traditional Setup For A Quick Squeeze?

    June 7, 2025

    Bitcoin ETF Issuers VanEck, 21Shares and Canary Ship Letter to SEC

    June 7, 2025

    Metaplanet’s Bitcoin Wager Simply Acquired Greater—Right here’s What Modified

    June 7, 2025

    UK FCA Strikes to Permit Retail Bitcoin ETN Entry – Bitbo

    June 7, 2025

    Finest Crypto to Purchase Now as Romania’s Publish Workplace Embraces Bitcoin – CryptoDnes EN

    June 7, 2025

    CryptoVideos.net is your premier destination for all things cryptocurrency. Our platform provides the latest updates in crypto news, expert price analysis, and valuable insights from top crypto influencers to keep you informed and ahead in the fast-paced world of digital assets. Whether you’re an experienced trader, investor, or just starting in the crypto space, our comprehensive collection of videos and articles covers trending topics, market forecasts, blockchain technology, and more. We aim to simplify complex market movements and provide a trustworthy, user-friendly resource for anyone looking to deepen their understanding of the crypto industry. Stay tuned to CryptoVideos.net to make informed decisions and keep up with emerging trends in the world of cryptocurrency.

    Top Insights

    Like Dogecoin in 2021, This Crypto is the One to Maintain in 2025

    May 6, 2025

    Charles Schwab Plans Spot Crypto Buying and selling Beneath Trump, Says Incoming Rick CEO Wurster

    November 21, 2024

    Crypto Rebounds, Banana Singularity Coming, Binance lists AI cash – Decrypt

    January 12, 2025

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    • Home
    • Privacy Policy
    • Contact us
    © 2025 CryptoVideos. Designed by MAXBIT.

    Type above and press Enter to search. Press Esc to cancel.