Australian Senator Gerard Rennick caused a stir in a May 23 post on X after describing Bitcoin
He claimed that Bitcoin’s value would keep climbing due to large investors like BlackRock pushing more money into an asset with a fixed supply.
Senator Rennick added, “You can’t eat Bitcoin”, and questioned its usefulness in the real world.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Crypto Token VS Coin (Animated Explainer & Examples)
Currently leading the People First Party, Senator Rennick argued that Bitcoin and its supporters offer little to Australia’s economy. Instead, he said the country should focus on building essential infrastructure like roads, energy systems, and clean water access.
He wrote in a post, “Australia needs real engineers, not financial engineers”.
Senator Rennick’s remarks drew criticism from the crypto community. In a May 24 post on X, the Australian Bitcoin Industry Body (ABIB) called his comments “a deep misunderstanding”.
They warned that public statements like his could lead to poor decisions by lawmakers. ABIB said Australians already use Bitcoin, and the real issue is whether leaders are willing to understand its role in the country’s future.
Senator Rennick, however, questioned why anyone cared about his opinion on Bitcoin in the first place. He wrote in a follow-up post on X, “You’re disappointed about what a politician thinks about Bitcoin? Seriously? Invest as you will”.
A recent proposal to make Bitcoin easier to use has sparked fresh discussion, reviving a long-running debate about its smallest units. What did the crypto community say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
