Australian Senator Gerard Rennick faced criticism from the Bitcoin community for calling Bitcoin a Ponzi scheme and questioning its value.
"You can't eat Bitcoin," Rennick stated in a post on May 23. This remark came after Bitcoin reached an all-time high on May 22.
Rennick claimed Bitcoin would rise to $1 million but is still a Ponzi scheme.
"Bitcoin will ultimately rise to $1 million because it is a Ponzi scheme," Rennick stated.
Bitcoin supporters have responded to his remarks. The Australian Bitcoin industry organization criticized Rennick's misunderstanding of Bitcoin.
"Misunderstandings can lead to misstatements, which in turn can lead to policy failures."
Podcast host Laura Shin questioned, "You can't eat the internet either, do you oppose that as well?"
Rennick responded that he does not need to explain, "It's sad that the Bitcoin community needs to gain confidence from politicians."
The Bitcoin community often voices against anti-Bitcoin statements; recently, after Arizona's governor canceled a bill allowing the state to hold Bitcoin as reserves, it faced protests.
Jameson Lopp, co-founder of Casa, pointed out that this view is "outdated." Entrepreneur Anthony Pompliano criticized politicians for thinking they can make investment decisions.
