On May 23, 2025, Senator Gerard Rennick of Australia mentioned on social media that Bitcoin cannot be consumed. Many people in the cryptocurrency community reacted to Senator X’s comments on X, pointing out that he didn’t know what it does or why it’s used.
The Australian Bitcoin Industry Body (ABIB) took the initiative to argue that Rennick’s comment shows a lack of understanding of Bitcoin’s purpose. Their view was clear: Bitcoin, which is worth more than $2 trillion, is not to be bought and used as food, but to hold and use as protection against inflation. ABIB pointed out that such misinterpretations might result in policies that block innovation.
The world’s main cryptocurrency, Bitcoin, is based on a decentralized blockchain that supports secure transactions worldwide. The market value of cryptocurrencies has gone up in recent times thanks to more institutions joining in and a rise in public interest, as CoinMarketCap states. Even so, Rennick seemed to downplay the industry’s economic value.
Community Fires Back
The community of Bitcoin users quickly spoke out against each claim. ABIB pointed out that Bitcoin protects its value over time better than fiat currencies, which can inflate. They pointed out the chance for people to cut expenses by using crypto instead of existing financial services. “Although Bitcoin is not food, it can help secure more food in the future,” ABIB explained, making a different point from Rennick.
X users backed ABIB’s opinion, pointing out Bitcoin’s ability to support financial security. A user explained that, although Bitcoin cannot be eaten, its rising value makes it a good tool for protecting wealth. Someone else encouraged Rennick to look again at his opinion, pointing out that Bitcoin encourages both innovation and the expansion of the economy.
Senator Rennick, from Queensland, has expressed doubt about digital currencies. It matches his overall effort to back economic actions such as his plan for a new party focused on helping the public. But detractors claim his rejection of Bitcoin does not recognize how widely it is being adopted globally.
This event reveals a difference between people who make traditional policies and those who support cryptocurrency. ABIB cautioned that if Bitcoin is incorrectly understood, it could limit Australia’s ability to be a leader in blockchain technology. The group urged the government to research how Bitcoin might help strengthen the country’s economy.
Economic Implications Debated
There is a global discussion about how Bitcoin affects today’s economies. Those who support it say it gives regions with unstable currencies a chance to be financially independent. The website Blockchain.com reveals that the number of Bitcoin transactions increases daily and exceeds $30 billion on most days. This highlights why cryptocurrencies are becoming both a place to keep money and a way to make transactions.
Those who disagree with Rennick say his statement ignores these facts. They point out that because Bitcoin is decentralized, people become less dependent on major banks. ABIB warned that Australia could be left behind if the government does not fully explore Bitcoin’s benefits. The goal is to ensure Australians can weather future challenges and disasters, they said.
The senator’s comment is being made as more people around the world accept Bitcoin. In El Salvador, Bitcoin is used as legal money, but global companies like Tesla also have Bitcoin on their books. In contrast to Rennick’s opinion, these changes reveal a gap between politics and financial developments.
Because of the controversy, lawmakers are now pushing for more education on cryptocurrencies. ABIB pointed out that knowing how Bitcoin operates is important for creating good policies. They warned that not considering it would push away a growing group of people interested in digital assets.
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