Australian Senator Gerard Rennick has drawn criticism from the Bitcoin community following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset’s value because it isn’t digestible.

“You can’t eat Bitcoin,” 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.

Rennick says Bitcoin will go to $1 million but is a “Ponzi Scheme”

“Bitcoin will ultimately go to $1 million dollars. Why because it’s a Ponzi scheme whereby BlackRock will pump more and more dollars into a supply constrained product,” Rennick said.

“What exactly will this product produce?” Rennick said. He added that Bitcoin (BTC) will produce “absolutely nothing” and Australia “needs real engineers not financial engineers.”

Source: Gerard Rennick

Bitcoiners across the world were quick to respond to Rennick’s comments. The Australian Bitcoin Industry Body (ABIB) said Rennick’s remarks about “Bitcoin reveal a deep misunderstanding.” The ABIB added:

“This matters, because misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy.”

Unchained podcast host Laura Shin said, “You also can’t eat the internet, so do you oppose that too?” Bitcoin Marathon team lead Jimmy Kostro said, “This is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.”

Source: Coinvision

Rennick responded to the criticism and said he doesn’t “need to explain anything.”

“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.

The Bitcoin community has frequently spoken out when prominent individuals have expressed anti-Bitcoin views.

Related: Bitcoin inflows projected to reach $420B in 2026 — Bitwise

Only 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.

Casa co-founder and cypherpunk Jameson Lopp said, “This will age poorly.” Meanwhile, Bitcoin entrepreneur Anthony Pompliano said, “Imagine the ignorance of a politician to believe they can make investment decisions.” Crypto lawyer Andrew Gordon said, “We need more elected officials who understand that Bitcoin and crypto are the future.”

Similar backlash was seen by the Bitcoin community when the US government decided to transfer $1.9 billion of Bitcoin to Coinbase in December 2024.

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