{"id":129945,"date":"2025-05-25T06:19:19","date_gmt":"2025-05-25T06:19:19","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129945"},"modified":"2025-05-25T06:19:19","modified_gmt":"2025-05-25T06:19:19","slug":"bitcoiners-fire-back-at-aussie-senators-you-cant-eat-bitcoin-remark","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129945","title":{"rendered":"Bitcoiners fire back at Aussie senator&#039;s &#039;you can&#039;t eat Bitcoin&#039; remark"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsAustralian Senator Gerard Rennick has drawn criticism from the Bitcoin community following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset\u2019s value because it isn\u2019t digestible.<br \/>\n\u201cYou can\u2019t eat Bitcoin,\u201d 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.<br \/>\nRennick says Bitcoin will go to $1 million but is a \u201cPonzi Scheme\u201d<br \/>\n\u201cBitcoin will ultimately go to $1 million dollars. Why because it\u2019s a Ponzi scheme whereby BlackRock will pump more and more dollars into a supply constrained product,\u201d Rennick said.<br \/>\n\u201cWhat exactly will this product produce?\u201d Rennick said. He added that Bitcoin (BTC) will produce \u201cabsolutely nothing\u201d and Australia \u201cneeds real engineers not financial engineers.\u201d<br \/>\nSource: Gerard RennickBitcoiners across the world were quick to respond to Rennick\u2019s comments. The Australian Bitcoin Industry Body (ABIB) said Rennick\u2019s remarks about \u201cBitcoin reveal a deep misunderstanding.\u201d The ABIB added:<br \/>\n\u201cThis matters, because misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy.\u201d<br \/>\nUnchained podcast host Laura Shin said, \u201cYou also can\u2019t eat the internet, so do you oppose that too?\u201d Bitcoin Marathon team lead Jimmy Kostro said, \u201cThis is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.\u201d<br \/>\nSource: CoinvisionRennick responded to the criticism and said he doesn\u2019t \u201cneed to explain anything.\u201d<br \/>\n\u201cIt\u2019s pathetic how the Bitcoin community needs reassurance from a politician &#8211; the very people they claim they want to be free from,\u201d Rennick said.<br \/>\nThe Bitcoin community has frequently spoken out when prominent individuals have expressed anti-Bitcoin views.<br \/>\nRelated: Bitcoin inflows projected to reach $420B in 2026 \u2014 Bitwise<br \/>\nOnly 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.<br \/>\nCasa co-founder and cypherpunk Jameson Lopp said, \u201cThis will age poorly.\u201d Meanwhile, Bitcoin entrepreneur Anthony Pompliano said, \u201cImagine the ignorance of a politician to believe they can make investment decisions.\u201d Crypto lawyer Andrew Gordon said, \u201cWe need more elected officials who understand that Bitcoin and crypto are the future.\u201d<br \/>\nSimilar backlash was seen by the Bitcoin community when the US government decided to transfer $1.9 billion of Bitcoin to Coinbase in December 2024.<br \/>\nMagazine: AI cures blindness, \u2018good\u2019 propaganda bots, OpenAI doomsday bunker: AI Eye<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-community-controversy-australian-senator-gerard-rennick-bitcoin-comments?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsAustralian Senator Gerard Rennick has drawn criticism from the Bitcoin community following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset\u2019s value because it&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129945"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129945"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129945\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129945"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}