<ul><li>Australian Senator Gerard Rennick labeled Bitcoin as a Ponzi scheme and criticized its utility by stating that it 'can't be eaten'.</li><li>Rennick's comments sparked backlash from Bitcoin advocates including Laura Shin and the Australian Bitcoin Industry Body, who defended Bitcoin's role in innovation and national resilience.</li><li>Despite the criticism, Rennick stood by his remarks and emphasized that Bitcoin would reach $1 million due to institutional influence.</li><li>The crypto landscape in Australia remains complex, with recent developments indicating varying perspectives on cryptocurrencies and their taxation.</li></ul>

Australian Senator Labels Bitcoin a “Ponzi Scheme” That “Produces Nothing”, Despite $1M Prediction

Discover more