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) <a data-ct-non-breakable="null" href="https://x.com/AusBTCIndBody/status/1926087884810948694"