ZyCrypto 2025-05-26 13:02:46

Aussie Senator Dismisses Bitcoin As A ‘Ponzi Scheme’, Sparks Fierce Community Backlash

Australian Senator Gerard Rennick has attracted the ire of the Bitcoin community following his remarks referring to Bitcoin as a Ponzi scheme driven by asset managers like BlackRock , and questioning the top cryptocurrency’s value because it can’t be eaten. Bitcoin Will Ultimately Hit $1 Million Because It’s A Ponzi Scheme Bitcoin (BTC) may be gaining momentum globally, but an Australian politician is still not sold on the asset. “You can’t eat Bitcoin,” Senator Gerard Rennick posited in a recent post, responding to an X user who sarcastically asked for his comments after Bitcoin set a new record high of around $111,800 on May 22. Rennick went on to lambast Bitcoin as a “Ponzi Scheme.” “Bitcoin will ultimately go to a $1 million dollars. Why? Because it’s a Ponzi scheme whereby BlackRock will pump more and more dollars into a supply-constrained product,” the Queensland Senator said. He also claimed that Bitcoin and its traders contribute “absolutely nothing” in terms of real-world utility, and that Australia “needs real engineers, not financial engineers.” Yes I do – Bitcoin will ultimately go to a $1 million dollars. Why because it’s a Ponzi scheme whereby Blackrock will pump more and more dollars into a supply constrained product. What exactly will this product produce? Absolutely nothing and nor will the thousands of people… — Senator Gerard Rennick (@SenatorRennick) May 23, 2025 Bitcoiners and industry commentators were quick to fire back at the Senator’s remarks. The Australian Bitcoin Industry Body (ABIB) noted that Rennick’s comments about Bitcoin “reveal a deep misunderstanding,” warning that misinformed takes from public officials could lead to “bad policy.” “This isn’t about whether Australians can use Bitcoin—we already do,” ABIB postulated. “This is about whether our government is capable of understanding how Bitcoin can enrich the nation… The door is open for ongoing education. The question is: are you willing to walk through it?” Unchained podcast host Laura Shin asked the Senator, “You also can’t eat the internet, so do you oppose that too?” As more X users commented, the Senator slammed critics, saying, “You’re disappointed about what a politician thinks about Bitcoin? Seriously? I thought you wanted less political interference. Why does it matter what I think? Invest as you will.” Bitcoiners often speak out when well-known people adopt an anti-Bitcoin stance. Just a couple of weeks ago, Arizona Governor Katie Hobbs was criticized by the Bitcoin community after vetoing a bill that would have allowed the state to hold Bitcoin as part of its official reserves.

La maggior parte ha letto le notizie

Not Yet On Everyone’s Radar – June’s Quiet Cr...
2025-06-15
Stablecoins could reshape banking, but not wi...
2025-06-15
HASHJ Cloud Mining launches AI cloud mining c...
2025-06-15
Traders Eye Bitcoin Surge to $270K Despite Ma...
2025-06-15
Why Qubetics, Stellar, and HNT Are Being Trac...
2025-06-15
Bitcoin Holds Above $105,000 Amid Middle East...
2025-06-15
Amid Bitcoin Hype, Seasoned Trader Predicts S...
2025-06-15
Bitcoin Golden Cross Suggests Potential Surge...
2025-06-15

Notizie correlate

Competition Among Exchanges Is Heating Up: Binance...
15 Jun 2025
Solana Faces Critical Price Challenge in Cryptocur...
15 Jun 2025
Avalanche price prediction 2025-2031: Time to buy...
15 Jun 2025
5 Prompts That Make Anthropic's Claude AI Better T...
15 Jun 2025
$1.5B in Crypto Still Sits in the Ruins of Firms L...
15 Jun 2025
Chart of the week: XRP rally to $7 likely with Rip...
15 Jun 2025

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta