Australian Senator Gerard Rennick faced backlash from the Bitcoin community for labeling Bitcoin as a Ponzi scheme and questioning its value due to its inability to be consumed. Rennick dismissed Bitcoin's surge to $111,970 as part of a Ponzi scheme fueled by BlackRock. He argued that Bitcoin generates nothing and Australia needs real engineers, not financial ones. The Australian Bitcoin Industry Body criticized Rennick for misunderstanding Bitcoin, while others like podcast host Laura Shin and Bitcoin entrepreneur Anthony Pompliano questioned his knowledge. Rennick defended his stance, stating that he doesn't owe explanations to the Bitcoin community. This incident reflects a pattern where prominent figures facing criticism for anti-Bitcoin views, such as Arizona Governor Katie Hobbs. The Bitcoin community advocates for more officials to grasp the potential of Bitcoin and cryptocurrency, as seen in past reactions to government decisions involving Bitcoin transfers. Read more AI-generated news on: https://app.chaingpt.org/news

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