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Australian Senator Labels Bitcoin a 'Ponzi Scheme,' Faces Backlash from Crypto Community

Australian Senator Gerard Rennick has stirred controversy with recent comments made on the social media platform X, where he referred to Bitcoin as a "Ponzi scheme" and questioned its intrinsic value by stating it "cannot be eaten."

His remarks quickly drew criticism from the crypto community, with the Australian Bitcoin Industry Body (ABIB) responding that the senator's views reveal a serious misunderstanding of Bitcoin and its role in the modern financial system.

Prominent Bitcoin advocates also came forward to defend the digital asset, underscoring its significance as a decentralized store of value and a powerful tool for financial freedom.

The incident highlights the ongoing divide between traditional policymakers and the evolving digital economy, emphasizing the need for informed dialogue around crypto policy and innovation.
$BTC

#BitcoinNews #ponzischemesonbinance
#CryptoTrends2024 #DigitalAssetsDaily #BitcoinDebate

#CryptoSecurity101 : Protect Your Digital Assets*

Safeguard your crypto:

- *Use Strong Passwords*: Unique and complex passwords
- *Enable 2FA*: Add an extra layer of security
- *Keep Software Up-to-Date*: Protect against vulnerabilities
- *Be Cautious of Phishing*: Verify sources and links

Best practices:

- *Hardware Wallets*: Store assets offline
- *Cold Storage*: Keep private keys secure
- *Monitor Accounts*: Regularly check for suspicious activity

Stay secure! #CryptoSecurity #DigitalAssetsDaily #protection #SafetyTips #BlockchainSecurity

#VietnamCryptoPolicy Vietnam’s crypto policy is evolving rapidly. As of early 2025, the Ministry of Finance and State Bank of Vietnam have been tasked with drafting a legal framework—targeting finish by May or March 2025—to regulate crypto assets, combat money laundering, and pilot licensed trading platforms/sandboxes . Cryptocurrency remains illegal as payment, but trading and ownership are permitted under controlled conditions . Vietnam also unveiled a national blockchain strategy for 2024–2030, aiming to foster innovation zones, pilot programs, and 20 domestic blockchain brands . The upcoming pilot runs through 2027 and includes exchange licensing, custody, issuance support & taxation groundwork .

#VietnamEconomy mCrypto #VietnamEconomy #CryptoRegulation #DigitalAssetsDaily ts #SandboxPilot #AMLPolicy