Summary
- Australian Senator Gerard Rennick sparked controversy by labeling Bitcoin as a Ponzi scheme and claiming it is led by BlackRock.
- The Bitcoin community and industry bodies strongly opposed his remarks, stating they stem from a deep misunderstanding of Bitcoin.
- Currently, Bitcoin is trading down 2.15% on the Binance USDT market.
An Australian senator has expressed a negative stance on Bitcoin (BTC), drawing attention from the Bitcoin community.
On the 23rd (local time), Australian Senator Gerard Rennick stated on X (formerly Twitter), "Bitcoin will reach $1 million because it is a Ponzi scheme led by BlackRock," adding, "Bitcoin produces nothing, and neither do those who buy and sell it." He further argued, "Australia needs engineers providing essential services, not financial engineers," and claimed, "Bitcoin cannot be eaten."
The Bitcoin community strongly opposed these claims. The Australian Bitcoin Industry Body pointed out, "Senator Rennick's remarks stem from a deep misunderstanding of Bitcoin," adding, "Misunderstandings lead to misrepresentations, and misrepresentations lead to bad policy." Laura Shin, CEO of Unchained, also criticized his remarks, saying, "The internet cannot be eaten either. Does he oppose the internet too?"
As of 8:35 PM, Bitcoin is trading at $107,045, down 2.15% from 24 hours ago, according to Binance USDT market.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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