The Bitcoin community is once again pushing back against political criticism, this time aimed at Australian Senator Gerard Rennick, who made headlines for saying, “You can’t eat Bitcoin.” The remark was part of a broader critique in which he labeled Bitcoin a “Ponzi scheme” — despite also suggesting it might reach $1 million in value.
The Controversial Comment: “You Can’t Eat Bitcoin”
During a recent discussion about cryptocurrency and financial sovereignty, Rennick dismissed Bitcoin as having no intrinsic value, sarcastically noting:
“You can’t eat Bitcoin.”
The statement was quickly met with ridicule from the crypto community. One prominent Bitcoiner responded,
“Can’t eat the internet either. Should we shut that down too?”
Others pointed out the flawed logic, arguing that many valuable assets — like real estate, stocks, or gold — aren’t edible either.
“You don’t eat your bank account or your retirement fund,” said crypto analyst Miles Deutscher. “Bitcoin isn’t food, it’s freedom.”
Rennick Doubles Down: Bitcoin to $1M but Still a Ponzi?
In a surprising twist, Rennick also predicted Bitcoin could hit $1 million, yet still insisted it’s a Ponzi scheme.
“Just because people are buying it and driving the price up doesn’t mean it’s not a scam,” he said.
This contradiction drew sharp criticism, with many pointing out that calling something both a Ponzi scheme and a future million-dollar asset shows a fundamental misunderstanding of decentralized finance.
“Ponzi schemes collapse. Bitcoin has survived for over 15 years, across multiple cycles,” noted a developer from the Bitcoin community.
Bitcoiners Defend the Asset’s Utility
Crypto advocates argue that Bitcoin is not about consumption — it’s about storing and transferring value without centralized control. With its fixed supply of 21 million coins, transparent ledger, and decentralized network, Bitcoin offers a hedge against inflation and monetary manipulation.
“Bitcoin is the hardest money ever created — not because you can eat it, but because you can trust it,” said Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation.
Final Thoughts
Senator Rennick’s remarks have sparked another round of debate between traditional finance skeptics and the crypto-native community.
While critics continue to question Bitcoin’s value, the network remains resilient, widely adopted, and increasingly institutionalized.
Whether Bitcoin reaches $1 million or not, one thing is certain:
Bitcoiners aren’t backing down — and they won’t be eating their wallets anytime soon.