Australia’s Senator Gerard Rennick has drawn criticism from the Bitcoin community after his remarks concerning the leading digital asset. In his recent post, the Australian senator questioned the value of the asset because he feels it can’t be eaten, adding that it is a Ponzi scheme.
Senator Rennick’s reaction came after Bitcoin hit a new all-time high of $111,970 on May 22. In his post he noted his criticism of the asset, saying: “You can’t eat Bitcoin,” in response to a user who talked about his stance.
In his post, Rennick mentioned that Bitcoin has a better chance of going to $1 million, noting that this could happen because it is a Ponzi scheme.
Australian senator draws the ire of the Bitcoin community
According to the Australian senator, his main reason for calling Bitcoin a Ponzi scheme is because he feels the asset cannot produce anything.
“What exactly will this product produce? Absolutely nothing and nor will the thousands of people buying and selling it,” he said. He also added that Australia needs real engineers, not financial engineers. “We need infrastructure that delivers essential services, particularly energy, water and transport,” he added.
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.
— Senator Gerard Rennick (@SenatorRennick) May 23, 2025
What exactly will this product produce? Absolutely nothing and nor will the thousands of people…
The statement did not go down well with the Bitcoin community, as they were quick to call out the Australian senator.
According to a post by the Australian Bitcoin Industry Body (ABIB), the senator’s remarks showed a deep lack of understanding about the asset and what it stands for. The group also mentioned that the lack of understanding leads to the senator not realizing what he is missing. ABIB also mentioned that it matters because misunderstanding often leads to misrepresentation, which in turn leads to bad policy.
The group added that the government needs to look into how Bitcoin can enrich the country. “This isn’t about whether Australians can use Bitcoin—we already do. This is about whether our government is capable of understanding how Bitcoin can enrich the nation, drive innovation, and build long-term resilience for Australians,” ABIB added.
Unchained podcast host Laura Shin also had words for the senator, noting that people cannot eat the internet and asking if he is opposed to that, too.
Bitcoin Marathon team lead Jimmy Kostro also said, “This is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.”
Rennick responds to his critics amid wider anti-Bitcoin criticism
The Australian senator did not take the criticisms lying down as he responded to everybody who needed a response. He mentioned that he didn’t need to explain anything to anyone because it’s his opinion and he holds onto it. “It’s pathetic how the Bitcoin community needs reassurance from a politician – the very people they claim they want to be free from,” Rennick said.
Meanwhile, the Bitcoin community has been quite active over the last few months, going after prominent individuals with dissenting views about the asset. A few weeks ago, the group was all over Arizona Governor Katie Hobbs, criticizing her decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves.
According to Hobbs, she made the decision because the Arizona State Retirement System is one of the strongest in the country, noting that it makes the best investments. “Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currency,” she added.
The decision was met with backlash from prominent Bitcoin proponents, with Bitcoin entrepreneur Anthony Pompliano saying, “Imagine the ignorance of a politician to believe they can make investment decisions.”
Casa co-founder Jameson Lopp also said the decision will age poorly. Meanwhile, the decision did seem to please some analysts, including Bitcoin critic Peter Schiff. Schiff has been a long-standing critic of the asset and didn’t waste time jumping to Hobbs’s defense.
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