Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark

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’s value because it isn’t digestible. “You can’t eat Bitcoin,” Rennick said 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 . Rennick says Bitcoin will go to $1 million but is 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 said. “What exactly will this product produce?” Rennick said. He added that Bitcoin ( BTC ) will produce “absolutely nothing” and Australia “needs real engineers not financial engineers.” Source: Gerard Rennick Bitcoiners across the world were quick to respond to Rennick’s comments. The Australian Bitcoin Industry Body (ABIB) said Rennick’s remarks about “Bitcoin reveal a deep misunderstanding.” The ABIB added: “This matters, because misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy.” Unchained podcast host Laura Shin said , “You also can’t eat the internet, so do you oppose that too?” Bitcoin Marathon team lead Jimmy Kostro said , “This is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.” Source: Coinvision Rennick responded to the criticism and said he doesn’t “need to explain anything.” “It’s pathetic how the Bitcoin community needs reassurance from a politician – the very people they claim they want to be free from,” Rennick said. The Bitcoin community has frequently spoken out when prominent individuals have expressed anti-Bitcoin views. Related: Bitcoin inflows projected to reach $420B in 2026 — Bitwise 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 . Casa co-founder and cypherpunk Jameson Lopp said, “This will age poorly.” Meanwhile, Bitcoin entrepreneur Anthony Pompliano said , “Imagine the ignorance of a politician to believe they can make investment decisions.” Crypto lawyer Andrew Gordon said , “We need more elected officials who understand that Bitcoin and crypto are the future.” Similar backlash was seen by the Bitcoin community when the US government decided to transfer $1.9 billion of Bitcoin to Coinbase in December 2024. Magazine: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye

Source: CoinTelegraph