Rennick didn’t stop there—he also labeled Bitcoin as a Ponzi scheme, claiming its price will reach $1 million solely because institutions like BlackRock will continue pumping money into a supply-limited asset. “What exactly does it produce?” Rennick asked, answering himself: “Absolutely nothing.”

Bitcoiners Fire Back: ‘You Can’t Eat the Internet Either’

Bitcoin advocates didn’t remain silent. Journalist Laura Shin responded, “You also can’t eat the internet, so do you oppose that too?” while Bitcoin Marathon’s Jimmy Kostro added, “This will age well,” highlighting how outdated and shortsighted Rennick’s comments seemed.

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The Australian Bitcoin Industry Body (ABIB) also issued a formal statement, calling the Senator’s remarks a “deep misunderstanding” of digital assets. “Misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy,” the group warned.

Rennick, however, dismissed the criticism, stating, “It’s pathetic how the Bitcoin community needs reassurance from a politician—the very people they claim they want to be free from.”

Political Attacks on Bitcoin Becoming a Trend

This isn’t an isolated incident. Just weeks ago, Arizona Governor Katie Hobbs vetoed a bill that would have allowed the state to hold Bitcoin in its official reserves, triggering similar outcry. Prominent figures like Anthony Pompliano criticized the decision, asking, “Imagine the ignorance of a politician who thinks they can manage investments.”

As crypto adoption grows globally, so too does the friction between decentralized innovation and traditional political frameworks. And the Bitcoin community appears ready to push back every step of the way.

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