Bitcoiners Clap Back at Senator Over Bitcoin Eating Joke
The post Bitcoiners Clap Back at Senator Over Bitcoin Eating Joke appeared on BitcoinEthereumNews.com. 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…
The post Bitcoiners Clap Back at Senator Over Bitcoin Eating Joke appeared on BitcoinEthereumNews.com.
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…
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