Australian Senator Gerard Rennick has faced backlash from the Bitcoin community after he labeled Bitcoin a Ponzi scheme and questioned its worth since it isn’t edible.
“You can’t consume Bitcoin,” Rennick stated in a post on X on May 23, in response to an X user who challenged his viewpoint after Bitcoin reached a new peak of $111,970 on May 22.
“Bitcoin will eventually rise to $1 million. Why? Because it’s a Ponzi scheme where BlackRock will continuously inject more dollars into a product with limited supply,” Rennick commented.
“What will this product actually generate?” Rennick asked, adding that Bitcoin yields “absolutely nothing” and that Australia requires genuine engineers, not financial engineers.