Bitcoin Defenders Slam Australian Senator’s Claim: “You Can’t Eat Bitcoin”
Rennick’s Remarks Spark Global Bitcoin Community Response
Australian Senator Gerard Rennick is under fire after publicly dismissing Bitcoin’s value on X (formerly Twitter), suggesting it’s a Ponzi scheme and unworthy of serious economic consideration because “you can’t eat Bitcoin.”
The statement, posted on May 23, was a direct response to a user who questioned his stance after Bitcoin surged to a record high of $111,970 AUD on May 22.
Source: Gerard Rennick
Bitcoin to $1M? Yes—but Still a Ponzi, Says Senator
Despite predicting that Bitcoin would eventually hit $1 million, Rennick asserted the reason was due to market manipulation:
“It’s a Ponzi scheme whereby BlackRock will pump more and more dollars into a supply-constrained product,” he wrote.
“What exactly will this product produce?” he added. “Absolutely nothing. Australia needs real engineers, not financial engineers.”
These remarks quickly triggered a backlash from the Bitcoin community, which pointed to a fundamental misunderstanding of digital assets and long-term value creation.
Industry Responds: ‘Misunderstanding Leads to Bad Policy’
The Australian Bitcoin Industry Body (ABIB) condemned the Senator’s comments, stating:
“These remarks about Bitcoin reveal a deep misunderstanding. This matters, because misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy.”
Well-known Bitcoin voices were also quick to fire back. Laura Shin, host of the Unchained podcast, replied:
“You also can’t eat the internet, so do you oppose that too?”
Others joined in, including Bitcoin Marathon team lead Jimmy Kostro, who remarked:
“This is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.”
Source: Coinvision
Rennick Responds: “I Don’t Need to Explain Anything”
Doubling down, Rennick responded to the backlash by accusing the Bitcoin community of hypocrisy:
“It’s pathetic how the Bitcoin community needs reassurance from a politician—the very people they claim they want to be free from.”
His remarks echo past government resistance to crypto adoption, most notably Arizona Governor Katie Hobbs, who recently vetoed a bill that would have allowed the state to hold Bitcoin in its reserves. That decision too was met with public criticism from the crypto industry.
The conflict reflects a larger pattern: governments and Bitcoin often clash, especially when legislators lack technical or financial understanding of the space. Prominent figures such as Casa co-founder Jameson Lopp and Anthony Pompliano have voiced concern about political resistance to decentralized finance:
“Imagine the ignorance of a politician to believe they can make investment decisions,” said Pompliano.
In December 2024, the U.S. government drew similar criticism when it moved $1.9 billion worth of Bitcoin to Coinbase, triggering further debate about crypto policy.
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