In a rather audacious display of political bravado, Australian Senator Gerard Rennick has managed to ruffle the feathers of the Bitcoin community. His recent proclamation, likening Bitcoin to a Ponzi scheme and questioning its value on the grounds of its non-edibility, has left many scratching their heads in disbelief.
“You can’t eat Bitcoin,” Rennick quipped in a May 23 post on X, presumably after a hearty breakfast of traditional Australian fare, blissfully unaware that Bitcoin had just soared to a staggering all-time high of $111,970 the day before. 🍳💰
Rennick Predicts Bitcoin’s Ascent to $1 Million While Dubbing It a “Ponzi Scheme”
“Bitcoin will ultimately go to $1 million dollars. Why? Because it’s a Ponzi scheme whereby BlackRock will pump more and more dollars into a supply-constrained product,” Rennick elaborated, as if he were unveiling the secrets of the universe.
“What exactly will this product produce?” he pondered, adding that Bitcoin (BTC) would yield “absolutely nothing” and that Australia “needs real engineers, not financial engineers.” One can only imagine the engineers rolling their eyes at such a statement! 🤦♂️
In a swift and witty retort, Bitcoiners from all corners of the globe rallied against Rennick’s comments. The Australian Bitcoin Industry Body (ABIB) chimed in, stating that Rennick’s remarks about Bitcoin reveal a profound misunderstanding. They added:
“This matters, because misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy.”
Unchained podcast host Laura Shin cleverly remarked, “You also can’t eat the internet, so do you oppose that too?” Meanwhile, Bitcoin Marathon team lead Jimmy Kostro quipped, “This is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.” Oh, the irony! 😂
Rennick, unfazed by the backlash, retorted that he doesn’t “need to explain anything.” He further lamented, “It’s pathetic how the Bitcoin community needs reassurance from a politician – the very people they claim they want to be free from.” A classic case of the pot calling the kettle black! 🥴
The Bitcoin community has a history of voicing their opinions when prominent figures express anti-Bitcoin sentiments. Just weeks ago, Arizona Governor Katie Hobbs faced a similar uproar after vetoing a bill that would have allowed the state to hold Bitcoin as part of its official reserves.
Casa co-founder and cypherpunk Jameson Lopp remarked, “This will age poorly.” Meanwhile, Bitcoin entrepreneur Anthony Pompliano mused, “Imagine the ignorance of a politician to believe they can make investment decisions.” Crypto lawyer Andrew Gordon added, “We need more elected officials who understand that Bitcoin and crypto are the future.”
Similar outrage was echoed by the Bitcoin community when the US government decided to transfer $1.9 billion of Bitcoin to Coinbase in December 2024. It seems the saga continues! 🎭
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2025-05-25 09:15