Australian senator sparks controversy over "bitcoin can't eat" remarks

Australian senator Gerard Rennick's criticism of Bitcoin on the X platform, calling it a "Ponzi scheme" and questioning its value because it was "inedible", sparked a strong response from the Bitcoin community.
The Australian Bitcoin Industry Organisation (ABIB) said Rennick's comments showed a deep misunderstanding of Bitcoin that could lead to wrong policymaking. In addition, several Bitcoin proponents also defended the value and utility of Bitcoin, pointing to its importance as a digital asset and store of value.