Australian Senator Gerard Rennick criticized Bitcoin, saying, “You can’t eat Bitcoin.” A Bitcoiner replied, asking if he feels the same about the internet. <\/p>\n
Australian Senator Gerard Rennick has drawn criticism from the Bitcoin community following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset\u2019s value because it can\u2019t be eaten.<\/p>\n
\u201cYou can\u2019t eat Bitcoin,\u201d Rennick said<\/a> in a May 23 X post, responding to an X user who questioned his stance after Bitcoin hit a new all-time high of $111,970 on May 22<\/a>.<\/p>\n \u201cBitcoin will ultimately go to $1 million dollars. Why, because it\u2019s a Ponzi scheme whereby BlackRock will pump more and more dollars into a supply-constrained product,\u201d Rennick said.<\/p>\n \u201cWhat exactly will this product produce?\u201d Rennick said. He added that Bitcoin (BTC<\/a>) will produce \u201cabsolutely nothing\u201d and Australia \u201cneeds real engineers not financial engineers.\u201d<\/p>\n Bitcoiners across the world were quick to respond to Rennick\u2019s comments. The Australian Bitcoin Industry Body (ABIB) said<\/a> Rennick\u2019s remarks about \u201cBitcoin reveal a deep misunderstanding.\u201d The ABIB added:<\/p>\n \u201cThis matters, because misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy.\u201d<\/p><\/blockquote>\n Unchained podcast host Laura Shin said<\/a>, \u201cYou also can\u2019t eat the internet, so do you oppose that too?\u201d Bitcoin Marathon team lead Jimmy Kostro said<\/a>, \u201cThis is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.\u201d<\/p>\n Rennick responded to the criticism and said he doesn\u2019t \u201cneed to explain anything.\u201d<\/p>\n \u201cIt\u2019s pathetic how the Bitcoin community needs reassurance from a politician – the very people they claim they want to be free from,\u201d Rennick said.<\/p>\n The Bitcoin community has frequently spoken out when prominent individuals have expressed anti-Bitcoin views. <\/p>\n Related: <\/strong><\/em>Bitcoin inflows projected to reach $420B in 2026 \u2014 Bitwise<\/strong><\/em><\/a><\/p>\n Only a few weeks ago, Arizona Governor Katie Hobbs experienced backlash from the Bitcoin community after her decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves<\/a>.<\/p>\n Casa co-founder and cypherpunk Jameson Lopp said, \u201cThis will age poorly.\u201d Meanwhile, Bitcoin entrepreneur Anthony Pompliano said<\/a>, \u201cImagine the ignorance of a politician to believe they can make investment decisions.\u201d Crypto lawyer Andrew Gordon said<\/a>, \u201cWe need more elected officials who understand that Bitcoin and crypto are the future.\u201d<\/p>\n The Bitcoin community also pushed back when the US government decided<\/a> to transfer $1.9 billion of Bitcoin to Coinbase in December 2024.<\/p>\n Magazine: <\/strong><\/em>AI cures blindness, \u2018good\u2019 propaganda bots, OpenAI doomsday bunker: AI Eye<\/strong><\/em><\/a><\/p>\nBitcoins Rennick says Bitcoin will go to $1 million but is a \u201cPonzi Scheme\u201d<\/h2>\n