On May 23, 2025, Australian Senator Gerard Rennick posted on X, referring to Bitcoin as a “Ponzi scheme” and questioning its value because “you can’t eat Bitcoin”. His remarks received a swift and strong response from the Bitcoin community. Here are the details:
Criticism from the Australian Bitcoin Industry Body: The Australian Bitcoin Industry Body (ABIB) stated that Rennick’s remarks revealed a profound misunderstanding of Bitcoin. Such misunderstandings could lead to misrepresentation and, consequently, poor – quality policy – making.
Responses from Bitcoin Supporters: Many Bitcoin supporters came to the defense of the cryptocurrency, highlighting its value and practicality. Laura Shin, the host of the Unchained podcast, said, “You also can’t eat the internet, so do you oppose that too?” Jimmy Kostro, the lead of the Bitcoin Marathon team, sarcastically commented, “This is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.” Casa co – founder Jameson lopp said, “This will age poorly.” Bitcoin entrepreneur Anthony Pompliano criticized, “Imagine the ignorance of a politician to believe they can make investment decisions.” Crypto lawyer Andrew Gordon emphasized, “We need more elected officials who understand that Bitcoin and crypto are the future.”
Senator’s Response to Criticism: In the face of criticism, Rennick claimed that he didn’t “need to explain anything.” He also said, “It’s pathetic how the Bitcoin community needs reassurance from a politician – the very people they claim they want to be free from.”
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