On May 25, PANews reported that Australian Senator Gerard Rennick faced criticism from the Bitcoin community on the X platform for calling Bitcoin a Ponzi scheme and questioning its value (because it 'cannot be eaten'). He also added that Bitcoin 'absolutely produces nothing,' and Australia 'needs real engineers, not financial engineers.'
The Australian Bitcoin Industry Association (ABIB) stated that Rennick's comments about 'Bitcoin' 'reveal a profound misunderstanding of Bitcoin.' 'Unchained' podcast host Laura Shin said, 'You can't eat the internet either, so do you oppose the internet?' Bitcoin Marathon team leader Jimmy Kostro stated, 'This will definitely stand the test of time. Please share your deeper and more detailed understanding of Bitcoin to help us understand it better.'
