Australian Senator Gerard Rennick drew criticism from the #bitcoin community after labeling the digital asset a Ponzi scheme and claiming it has no value because "it can’t be eaten." His remarks came shortly after #bitcoin hit a new all-time high of $111,970 on May 22. Rennick argued Bitcoin produces nothing tangible and advocated for investment in infrastructure instead. Despite predicting #bitcoin could reach $1 million, he dismissed it as reliant on large institutional inflows. The Australian Bitcoin Industry Body (ABIB) responded by highlighting Rennick’s lack of understanding and warning that such misconceptions could hinder innovation and sound policymaking.