Australian Senator’s Bitcoin Comments Spark Backlash From Crypto Community

Australian Senator Gerard Rennick is facing widespread criticism from the global Bitcoin community after dismissing the digital asset with a now-viral comment: “You can’t eat Bitcoin.” The remark, made on X (formerly Twitter) on May 23, followed a new all-time high for Bitcoin, which crossed $111,000 the day before.

Rennick didn’t stop there. In a follow-up post, he labeled Bitcoin a “Ponzi scheme,” claiming it would hit $1 million only because firms like BlackRock would keep buying it to inflate prices artificially. “What exactly will this product produce?” he asked. “Absolutely nothing.”

His words struck a nerve.

Community Pushback Was Immediate

The Australian Bitcoin Industry Body (ABIB) quickly issued a statement, calling the senator’s remarks “a deep misunderstanding” of Bitcoin and its purpose. “Misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy,” ABIB warned.

The group clarified that Bitcoin isn’t meant to be eaten—it’s meant to store and protect value. Especially in a world of rising inflation and digital uncertainty, they argued, Bitcoin offers an alternative to fiat currencies and centralized finance.

X users piled on. “You also can’t eat the internet,” podcast host Laura Shin quipped. Others called the comments shortsighted, dismissive, and even dangerous in a time when crypto is gaining institutional legitimacy.

Bitcoin Isn’t Food. But That’s Not the Point.

Supporters of Bitcoin were quick to reframe the conversation. The asset’s value, they argued, comes from its ability to protect wealth, not produce physical goods. “You can’t eat a bank account either,” one user posted. “But try buying a house without one.”

ABIB noted that while Bitcoin can’t be consumed, it helps people preserve purchasing power, especially in inflation-heavy economies. “Although Bitcoin is not food, it can help secure more food in the future,” the group stated.

The global Bitcoin community emphasized that Bitcoin’s utility lies in decentralization, permissionless access, and monetary transparency—features fiat systems often lack.

An Ongoing Divide Between Politicians and Tech Innovators

Senator Rennick, known for his populist economic positions, has expressed skepticism toward digital currencies before. Critics argue that his stance reflects a broader reluctance among some lawmakers to adapt to new financial technologies.

The rift between policymakers and the crypto industry isn’t new. In the U.S., Arizona Governor Katie Hobbs recently faced similar criticism for vetoing a bill that would have added Bitcoin to the state’s reserves. Globally, the gap between technological adoption and political understanding appears to be widening.

ABIB warned that Australia risks falling behind in blockchain innovation if its leaders dismiss Bitcoin’s potential without properly understanding it. They urged more education and open dialogue before forming policy.

What It Means For You [NFA]

Senator Rennick’s comments remind us how early we still are in crypto’s evolution. Politicians may still lack clarity on what digital assets offer—and that can influence future regulation.

If you’re a crypto holder in Australia or elsewhere, it’s a reminder to stay engaged. Advocacy, education, and constructive conversation remain critical.

Bitcoin doesn’t need to be edible. It just needs to be understood.