The Australian Senator from Queensland, Gerard Rennick), who headed the Populism Party of People First Party after leaving the Liberal National Party in 2024, doubted the value of Bitcoin, calling it a financial pyramid.
The senator said this in the comments to the user of the social network X, who asked him to comment on the situation when on May 22, Bitcoin set a new historical record of $ 112,000. However, Rennik continued to criticize the first cryptocurrency. He stated that Bitcoin could reach $ 1 million, because it is a financial pyramid that large assets management companies “lead”. In particular, Rennik called BlackRock, which, according to him, “invests more and more dollars in a product with a limited offer.”
From the point of view of Rennik, bitcoin and cryptocurrency traders do not bring any benefit to the local economy. Australia needs real, not financial engineers who will develop the main services of services: electricity, water and transport. And Bitcoin can not even be eaten, the senator said.
The local Bitcoin development organization – Australian Bitcoin Industry Body (Abib) – criticized the senator for his comments. ABIB said that Rennik lacks a deep understanding of the principles of Bitcoin, and the wrong conclusions of government officials regarding cryptocurrencies can lead to excessively strict regulation of the industry.
“It’s not about whether the Australians can use bitcoin – we are already doing this. The bottom line is whether our government can understand how Bitcoin can enrich the nation. For constant education, doors are always open. The question is, are you ready to go through this? ”ABIB said.
In September, the Commissioner of the Securities Commission and Australia (ASIC) Alan Kirkland demanded that cryptocurrency services receive a license for the provision of financial services (AFS). Kirkland said most cryptocurrencies are subject to local corporations.
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Source: Cryptocurrency
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