In short
- In response to a sarcastic prompt on X, the Australian senator Gerard Rennick Bitcoin mentioned a “Ponzi schedule” driven by asset managers such as BlackRock.
- Critics, including the Australian Bitcoin Industry Body, said his comments were “misinformed” and could lead to harmful policy.
- The collision when the Labor government of Australia prepared the crypto legislation under its mandate after the elections.
Bitcoin (BTC) may gain strength worldwide, but in Australia it also attracts political anger.
On May 23, Senator Gerard Rennick rejected Bitcoin as a ‘Ponzi schedule’, causing immediate recoil of both crypto -industrial groups and users.
“Bitcoin eventually goes to a dollar of $ 1 million. Why? Because it is a Ponzi schedule where BlackRock will pump more and more dollars into a product-related product,” Rennick tweeted In response to a user who sarcastic sought -after For his “special comments” on the subject.
“You can’t eat Bitcoin,” the senator added.
The Senator of Queensland, who now leads the first party of the populist people after leaving the Liberal National Party in 2024, continued to claim that Bitcoin And his traders contribute “absolutely nothing” in terms of real-world use.
“Australia needs real engineers, not financial engineers,” he said. “We need infrastructure [sic] Provides essential services in particular energy, water and transport. “
Bitcoiners and proponents of the industry immediately shot back to the senator’s comments.
The Australian Bitcoin Industry Body (ABIB) rejected Rennick’s comments as ‘a deep misunderstanding’, warning that ‘incorrectly informed’ of civil servants can lead to ‘bad policy’.
“This is not about whether Australians can use Bitcoin – we are already doing that,” said Abib in his response. “This is about whether our government is able to understand how Bitcoin can enrich the nation … The door is open to continuous training. The question is: are you willing to walk through it?”
While the thread got a grip, the senator wiped criticism and said: “You are disappointed about what a politician thinks about Bitcoin? Seriously? I thought you wanted less political interference. Why does it matter what I think? Invest the way you want.”
Bitcoin and Australia
Rennick’s comments followed Bitcoin’s recent increase to a recent high above $ 111,000 and only two weeks after Andrew Charlton was appointed assistant minister of science, technology and the digital economy by Prime Minister Anthony Albanese.
Charlton is expected to lead the digital digital assets reform point, including a license regime that would produce large fairs under the Australian Financial Services License (AFL) framework with concept legislation that must be offered later this year.
The government is also planning to introduce guarantees against Debanking and to coordinate the framework to worldwide standards such as the Mica and Singapore’s Payment Services Act of the EU.
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