Australian Politician Calls Bitcoin (BTC) Useless Because It Can’t Be Eaten — Crypto Community Hits Back!
Jakarta, Pintu News – Australian Senator Gerard Rennick’s recent controversial remarks sparked outrage from the global crypto community. In his post on the X platform on May 23, 2025, Rennick called Bitcoin a Ponzi scheme and questioned its value because, according to him, Bitcoin is “inedible.”
The statement came just a day after the price of Bitcoin hit a new record high of Rp1.8 billion (equivalent to $111,970), further fueling the backlash from cryptocurrency advocates.
His comments reflected an ignorance of the true value and function of cryptocurrencies, and the crypto community did not remain silent.
Senator Calls Bitcoin a Ponzi Scheme: “Inedible, So Worthless”
In the tweet that sparked the controversy, Gerard Rennick stated that Bitcoin (BTC) will eventually reach a price of IDR 16.3 billion ($1 million equivalent). However, according to him, the surge is not due to intrinsic value, but rather due to the nature of what he claims is a “Ponzi scheme” driven by large institutions such as BlackRock.
Rennick questioned the real contribution of Bitcoin to the economy. He called the digital asset “nothing” and insinuated that Australia needs real engineers more than “financial engineers.” His comments were immediately flooded with criticism from various circles in the crypto community, both domestically and globally.
Crypto Community Responds Strongly: “You Can’t Eat the Internet Either!”
The Bitcoin community was quick to react to the comments. The Australian Bitcoin Industry Body (ABIB) believes that Rennick’s statement shows a “lack of deep understanding” of digital assets. According to them, this kind of ignorance can lead to misunderstandings that lead to harmful public policies.
Renowned crypto podcast host Laura Shin quipped back, “You can’t eat the internet either, does that mean you reject it too?” Jimmy Kostro of the Bitcoin Marathon team added with a note of sarcasm, “This statement will become a laughing stock in the future. Please enlighten us again on your deep understanding of Bitcoin.”
Also read: Bitcoin Price Touches $109,300 Today (5/26/25): Most Traders Start to Go Bearish?
Rennick has no regrets: “I Don’t Need to Explain Anything”
Instead of apologizing or revising his remarks, Rennick hit back even harder at his critics. He said that the crypto community is too sensitive and dependent on validation from politicians – even though they claim to want to be free from government influence.
“It’s funny how the Bitcoin community feels the need to get justification from politicians. Even though they themselves claim to want a system that is free from authority,” said Rennick. This statement only further fuels the anger of a community that is already tired of facing negative stigma from those who do not understand crypto technology.
That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.
Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now. Get a web trading experience with advanced trading tools such as pro charting, various types of order types, and portfolio tracker only at Pintu Pro. Pintu Pro Futures is also available, where you can buy bitcoin leverage, trade btc futures, eth futures and sol futures easily from your desktop!
*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Cointelegraph. Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark. Accessed May 26, 2025
- Featured Image: The Australian
