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Australian Senator Gerard Rennick criticized Bitcoin due to the fact that "you can't devour Bitcoin." A Bitcoiner asked if Rennick feels the aforesaid mode astir the net due to the fact that you can't devour that either.
Australian Senator Gerard Rennick has drawn disapproval from the Bitcoin assemblage pursuing his remarks referring to Bitcoin arsenic a Ponzi strategy and questioning the asset’s worth due to the fact that it isn’t digestible.
“You can’t devour Bitcoin,” Rennick said successful a May 23 X post, responding to an X idiosyncratic who questioned his stance aft Bitcoin deed a caller all-time precocious of $111,970 connected May 22.
Rennick says Bitcoin volition spell to $1 cardinal but is simply a “Ponzi Scheme”
“Bitcoin volition yet spell to $1 cardinal dollars. Why due to the fact that it’s a Ponzi strategy whereby BlackRock volition pump much and much dollars into a proviso constrained product,” Rennick said.
“What precisely volition this merchandise produce?” Rennick said. He added that Bitcoin (BTC) volition nutrient “absolutely nothing” and Australia “needs existent engineers not fiscal engineers.”
Source: Gerard RennickBitcoiners crossed the satellite were speedy to respond to Rennick’s comments. The Australian Bitcoin Industry Body (ABIB) said Rennick’s remarks astir “Bitcoin uncover a heavy misunderstanding.” The ABIB added:
“This matters, due to the fact that misunderstanding leads to misrepresentation. And misrepresentation leads to atrocious policy.”Unchained podcast big Laura Shin said, “You besides can’t devour the internet, truthful bash you reason that too?” Bitcoin Marathon squad pb Jimmy Kostro said, “This is decidedly going to property well. Please enlighten america with much of your heavy and nuanced knowing of Bitcoin.”
Source: CoinvisionRennick responded to the disapproval and said helium doesn’t “need to explicate anything.”
“It’s pathetic however the Bitcoin assemblage needs reassurance from a person - the precise radical they assertion they privation to beryllium escaped from,” Rennick said.
The Bitcoin assemblage has often spoken retired erstwhile salient individuals person expressed anti-Bitcoin views.
Related: Bitcoin inflows projected to scope $420B successful 2026 — Bitwise
Only a fewer weeks ago, Arizona Governor Katie Hobbs experienced backlash from the Bitcoin assemblage aft her determination to veto a measure that would person allowed the authorities to clasp Bitcoin arsenic portion of its authoritative reserves.
Casa co-founder and cypherpunk Jameson Lopp said, “This volition property poorly.” Meanwhile, Bitcoin entrepreneur Anthony Pompliano said, “Imagine the ignorance of a person to judge they tin marque concern decisions.” Crypto lawyer Andrew Gordon said, “We request much elected officials who recognize that Bitcoin and crypto are the future.”
Similar backlash was seen by the Bitcoin assemblage when the US authorities decided to transportation $1.9 cardinal of Bitcoin to Coinbase successful December 2024.
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